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| HAL : halshs-00119489, version 2 |
| DOI : 10.1162/154247603322391350 |
| Fiche détaillée |  Récupérer au format |
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| Journal of the European Economic Association 1, 2-3 (2003) 731-742 |
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| Versions disponibles : | v1 (11-12-2006) | v2 (12-12-2006) |
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| Monetary policy transmission in the euro area: New evidence from micro data on firms and banks |
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| Jean-Bernard Chatelain 1, 2Andrea Generale 3 |
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| (2003) |
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| This paper presents an overview of the results of a research project on monetary transmission pursued by the Eurosystem, which has analysed micro data on firms and banks in several countries of the euro area in great detail. There is strong empirical support for an interest rate channel working through firm investment. Furthermore, a credit channel can be identified with firm micro data. On the bank side, there is evidence that lending reacts differently to monetary policy according to bank balance sheet characteristics. In particular, banks that have a less liquid asset composition show a stronger loan supply response. This finding may be due to banks drawing on their liquid assets to cushion the effects of monetary policy on their loan portfolio, which is in line with the existence of close relationships between banks and their loan customers. |
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| 1 : | Paris-Jourdan Sciences Economiques (PSE) |
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CNRS : UMR8545 – Ecole des Hautes Etudes en Sciences Sociales (EHESS) – Ecole des Ponts ParisTech – Ecole Normale Supérieure de Paris - ENS Paris |
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| 2 : | Centre d'économie de la Sorbonne (CES) |
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CNRS : UMR8174 – Université Paris I - Panthéon Sorbonne |
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| 3 : | Banca d´Italia |
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Banca d´Italia |
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| 4 : | European Central Bank (ECB) |
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European Central Bank |
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| 5 : | Bank of Spain |
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Bank of Spain |
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| 6 : | Bundesbank |
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Bundesbank |
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| Discipline | : | Sciences de l'Homme et Société/Economie et finances |
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| monetary policy transmission – interest rate channel – credit channel – euro area |
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| Liste des fichiers attachés à ce document : | |||||
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| halshs-00119489, version 2 | |
| http://halshs.archives-ouvertes.fr/halshs-00119489 | |
| oai:halshs.archives-ouvertes.fr:halshs-00119489 | |
| Contributeur : Jean-Bernard Chatelain | |
| Soumis le : Lundi 11 Décembre 2006, 19:24:06 | |
| Dernière modification le : Samedi 14 Novembre 2009, 22:37:43 | |
