Arbeitspapier

Whatever it takes: The real effects of unconventional monetary policy

to connected objects

Launched in Summer 2012, the European Central Bank (ECB)'s Outright Monetary Transactions (OMT) program indirectly recapitalized European banks through its positive impact on periphery sovereign bonds. However, the stability reestablished in the banking sector did not fully translate into economic growth. We document zombie lending by banks that remained undercapitalized even post-OMT. In turn, firms receiving loans used these funds not to undertake real economic activity such as employment and investment but to build up cash reserves. Creditworthy firms in industries with a high zombie firm prevalence suffered significantly from this credit misallocation, which further slowed down the economic recovery.

Language: Englisch

Bibliographic citation: Series: SAFE Working Paper ; No. 152

Classification: Wirtschaft

Subject: Unconventional Monetary Policy
Real Effects
Zombie Lending

Event: Geistige Schöpfung

(who): Acharya, Viral
Eisert, Tim
Eufinger, Christian
Hirsch, Christian

Event: Veröffentlichung

(who): Goethe University Frankfurt, SAFE - Sustainable Architecture for Finance in Europe

(where): Frankfurt a. M.

(when): 2017

DOI: doi:10.2139/ssrn.2858147

Handle: http://hdl.handle.net/10419/158505

URN: urn:nbn:de:hebis:30:3-418716

Last update: 10.03.2025, 11:46 AM CET

Data provider

This object is provided by:
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. If you have any questions about the object, please contact the data provider.

Show original at data provider

Object type

Arbeitspapier

Associated

Acharya, Viral
Eisert, Tim
Eufinger, Christian
Hirsch, Christian
Goethe University Frankfurt, SAFE - Sustainable Architecture for Finance in Europe

Time of origin

2017

Other Objects (12)

Whatever it takes: the real effects of unconventional monetary policy

Whatever it takes: the real effects of unconventional monetary policy

Whatever it Takes?

Whatever it Takes?

Whatever it takes to save the planet? Central banks and unconventional green policy

Arbeitspapier

Whatever it takes to save the planet? Central banks and unconventional green policy

Whatever it takes: What's the impact of a major nonconventional monetary policy intervention?

Arbeitspapier

Whatever it takes: What's the impact of a major nonconventional monetary policy intervention?

Where do we stand with "whatever it takes"?

Arbeitspapier

Where do we stand with "whatever it takes"?

„Whatever it takes“: 24 und die Normalisierung des Ausnahmezustandes

„Whatever it takes“: 24 und die Normalisierung des Ausnahmezustandes

"Whatever it Takes" : Wirksamkeit und Grenzen der Wertpapierankäufe durch EZB

"Whatever it Takes" : Wirksamkeit und Grenzen der Wertpapierankäufe durch EZB

Whatever it takes - die Rettungsinstrumente der EU auf dem institutionenökonomischen Prüfstand

Hochschulschrift

Whatever it takes - die Rettungsinstrumente der EU auf dem institutionenökonomischen Prüfstand

"Whatever it takes" : Wirksamkeit und Grenzen der Wertpapierankäufe durch die EZB

"Whatever it takes" : Wirksamkeit und Grenzen der Wertpapierankäufe durch die EZB

Whatever it takes to resolve the European sovereign debt crisis? Bond pricing regime switches and monetary policy effects

Arbeitspapier

Whatever it takes to resolve the European sovereign debt crisis? Bond pricing regime switches and monetary policy effects

"Whatever it takes" to Resolve the European Sovereign Debt Crisis? Bond Pricing Regime Switches and Monetary Policy Effects

Arbeitspapier

"Whatever it takes" to Resolve the European Sovereign Debt Crisis? Bond Pricing Regime Switches and Monetary Policy Effects

Whatever it Takes to Understand a Central Banker – Embedding their Words Using Neural Networks.

Whatever it Takes to Understand a Central Banker – Embedding their Words Using Neural Networks.

Whatever it takes: the real effects of unconventional monetary policy

Whatever it takes: the real effects of unconventional monetary policy

Whatever it Takes?

Whatever it Takes?

Whatever it takes to save the planet? Central banks and unconventional green policy

Arbeitspapier

Whatever it takes to save the planet? Central banks and unconventional green policy

Whatever it takes: What's the impact of a major nonconventional monetary policy intervention?

Arbeitspapier

Whatever it takes: What's the impact of a major nonconventional monetary policy intervention?

Where do we stand with "whatever it takes"?

Arbeitspapier

Where do we stand with "whatever it takes"?

„Whatever it takes“: 24 und die Normalisierung des Ausnahmezustandes

„Whatever it takes“: 24 und die Normalisierung des Ausnahmezustandes

"Whatever it Takes" : Wirksamkeit und Grenzen der Wertpapierankäufe durch EZB

"Whatever it Takes" : Wirksamkeit und Grenzen der Wertpapierankäufe durch EZB

Whatever it takes - die Rettungsinstrumente der EU auf dem institutionenökonomischen Prüfstand

Hochschulschrift

Whatever it takes - die Rettungsinstrumente der EU auf dem institutionenökonomischen Prüfstand

"Whatever it takes" : Wirksamkeit und Grenzen der Wertpapierankäufe durch die EZB

"Whatever it takes" : Wirksamkeit und Grenzen der Wertpapierankäufe durch die EZB

Whatever it takes to resolve the European sovereign debt crisis? Bond pricing regime switches and monetary policy effects

Arbeitspapier

Whatever it takes to resolve the European sovereign debt crisis? Bond pricing regime switches and monetary policy effects

"Whatever it takes" to Resolve the European Sovereign Debt Crisis? Bond Pricing Regime Switches and Monetary Policy Effects

Arbeitspapier

"Whatever it takes" to Resolve the European Sovereign Debt Crisis? Bond Pricing Regime Switches and Monetary Policy Effects

Whatever it Takes to Understand a Central Banker – Embedding their Words Using Neural Networks.

Whatever it Takes to Understand a Central Banker – Embedding their Words Using Neural Networks.

Whatever it takes: the real effects of unconventional monetary policy

Whatever it takes: the real effects of unconventional monetary policy

Whatever it Takes?

Whatever it Takes?

Whatever it takes to save the planet? Central banks and unconventional green policy

Arbeitspapier

Whatever it takes to save the planet? Central banks and unconventional green policy

Whatever it takes: What's the impact of a major nonconventional monetary policy intervention?

Arbeitspapier

Whatever it takes: What's the impact of a major nonconventional monetary policy intervention?

Where do we stand with "whatever it takes"?

Arbeitspapier

Where do we stand with "whatever it takes"?

„Whatever it takes“: 24 und die Normalisierung des Ausnahmezustandes

„Whatever it takes“: 24 und die Normalisierung des Ausnahmezustandes

"Whatever it Takes" : Wirksamkeit und Grenzen der Wertpapierankäufe durch EZB

"Whatever it Takes" : Wirksamkeit und Grenzen der Wertpapierankäufe durch EZB

Whatever it takes - die Rettungsinstrumente der EU auf dem institutionenökonomischen Prüfstand

Hochschulschrift

Whatever it takes - die Rettungsinstrumente der EU auf dem institutionenökonomischen Prüfstand

"Whatever it takes" : Wirksamkeit und Grenzen der Wertpapierankäufe durch die EZB

"Whatever it takes" : Wirksamkeit und Grenzen der Wertpapierankäufe durch die EZB

Whatever it takes to resolve the European sovereign debt crisis? Bond pricing regime switches and monetary policy effects

Arbeitspapier

Whatever it takes to resolve the European sovereign debt crisis? Bond pricing regime switches and monetary policy effects

"Whatever it takes" to Resolve the European Sovereign Debt Crisis? Bond Pricing Regime Switches and Monetary Policy Effects

Arbeitspapier

"Whatever it takes" to Resolve the European Sovereign Debt Crisis? Bond Pricing Regime Switches and Monetary Policy Effects

Whatever it Takes to Understand a Central Banker – Embedding their Words Using Neural Networks.

Whatever it Takes to Understand a Central Banker – Embedding their Words Using Neural Networks.

Cultural heritage institutions wishing to register will find more information here.

Fields marked * need to be filled in.

Username*

Please enter your username

Email*

Please enter your email address

Please do not fill this field

First name

Last name

Password*

Please enter your password

Confirm password*

Please enter the same password

I have read the terms of use and the privacy policy for the collection of personal data and accept them. *

This field is required.

I would like to subscribe to the newsletter of the Deutsche Digitale Bibliothek. See newsletter subscription info.

Account created

Your "My DDB" account has been successfully created. Before you can log in to your account, you must click the confirmation link in the message we just sent to the email address you provided.