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http://dspace.mediu.edu.my:8181/xmlui/handle/10419/18744| Title: | Bank loan supply and monetary policy transmission in Germany: An assessment based on matching impulse responses |
| Keywords: | E44 E51 ddc:330 monetary policy transmission credit channel loan supply loan demand minimum distance estimation Kreditkanal Kredit Transmissionsmechanismus Geldpolitik Schock Schätzung Deutschland |
| Issue Date: | 16-Oct-2013 |
| Description: | This paper addresses the credit channel in Germany by using aggregate data. We present a stylized model of the banking firm in which banks decide on their loan supply in light of uncertainty about the future course of monetary policy. Applying a vector error correction model (VECM), we estimate the response of bank loans after a monetary policy shock taking into account the reaction of the output level and the loan rate. We estimate our model to characterize the response of bank loans by matching the theoretical impulse responses with the empirical impulse responses to a monetary policy shock. Evidence in support of the credit channel can be reported. |
| URI: | http://koha.mediu.edu.my:8181/xmlui/handle/10419/18744 |
| Other Identifiers: | http://hdl.handle.net/10419/18744 ppn:479118345 |
| Appears in Collections: | EconStor |
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