Naslov
The broad credit and bank capital channels of monetary policy transmission in the core and peripheral Euro Area

Autori
Tica, Josip ; Dajčman Silvo

Izvornik
Zbornik radova Ekonomskog fakulteta u Rijeci : časopis za ekonomsku teoriju i praksu (1331-8004) 35 (2017), 2; 249-275

Vrsta, podvrsta i kategorija rada
Radovi u časopisima, članak, znanstveni

Ključne riječi
monetary policy, transmission channels, bank credit standards, non-standard monetary policy

Sažetak
The goal of the paper is to identify and estimate transmission of monetary policy impulses through the broad credit and bank capital monetary policy transmission channels in the "core" and "peripheral" countries of the euro area. We employ the Euro Area Banking Lending Survey to identify the channels. Following identification, we employ the data in a panel vector autoregression model (PVAR) to investigate the pass-through of the standard and nonstandard monetary policy impulses to the gross domestic product (GDP), inflation, and volume of loans. The results imply that channels are interrelated and the broad credit channel is relatively stronger than the bank capital channel, while the relative importance of the bank capital channel is higher in peripheral than core euro area countries.

Izvorni jezik
Engleski

Znanstvena područja
Ekonomija

POVEZANOST RADA