Bank lending standards and monetary transmission in the euro area
利用FAVAR模型和欧洲央行银行贷款调查数据，分析欧元区银行在货币政策冲击传导中的作用，发现银行主要通过收紧贷款标准而非调整利率来应对紧缩政策，且各国反应存在异质性。
This paper analyzes the role of banks in the transmission of monetary policy shocks in the euro area using a FAVAR model and survey data from the ECB’s Bank Lending Survey. We find that banks primarily respond to a contractionary policy shock by tightening lending standards rather than adjusting lending rates. Lending standards react more heterogeneously than market yields, while perceived loan demand varies even more across countries. These findings highlight the importance of both credit supply and demand in the heterogeneous transmission of monetary policy.