Seminario 16/02: – M. Ciccarelli (BCE Frankfurt) – Monetary policy pass-through and heterogeneous bank lending


  • Ponente: Matteo Ciccarelli, Banco Central Europeo Frankfurt
  • Fecha: 11/Feb/2016 - 12:30 horas
  • Lugar: Seminario del Departamento de Métodos Cuantitativos para la Economía y Empresa, UMU. Retransmisión en directo pendiente de confirmación.


This paper analyses the transmission of monetary policy to bank lending conditions during the period of financial and sovereign debt crisis in the euro area. A unique bank-level dataset is used to capture the main channels through which standard and non-standard monetary policy measures propagates to the lending behaviour of individual banks. The results suggest that bank’ balance sheet characteristics – such as asset size, funding structure and capital adequacy – substantially influence the heterogeneity in the adjustment of lending conditions in response to monetary policy actions. Moreover, the paper find that ECB’s asset purchase programme and liquidity provision measures have positively affected banks’ capacity and conditions to grant loans.