Macroeconomic fluctuations and bank lending: evidence for Germany and the euro area

Arbeitspapier

This paper analyzes how bank lending to the private nonbank sector responds dynamically to aggregate supply, demand and monetary policy shocks in Germany and the euro area. The results suggest that the dynamic responses in the two areas are broadly similar, although there are some differences in the relative contribution of the three shocks to the development of output, prices, interest rates and bank loans over time. In order to assess the role of bank lending in the transmission of macroeconomic shocks, we perform counterfactual simulations and analyze the dynamic responses of German loan sub-aggregates in order to test the distributional implications of potential credit market frictions. The results suggest that there is no evidence that loans amplify the transmission of macroeconomic fluctuations or that a "financial accelerator" via bank lending exists.

Angaben zum Objekt

• Sprache: Englisch

Verweise und Beziehungen

• Erschienen in: Series: Discussion Paper Series 1 ; No. 2006,34

Klassifikation und Themen

• Klassifikation: Wirtschaft ; Banks; Depository Institutions; Micro Finance Institutions; Mortgages ; Business Fluctuations; Cycles ; Financial Markets and the Macroeconomy
• Thema: Business cycle fluctuations ; bank lending ; SVAR model ; sign restrictions ; Kreditgeschäft ; Schock ; Konjunktur ; Transmissionsmechanismus ; Schätzung ; Deutschland ; EU-Staaten

Beteiligte, Orts- und Zeitangaben

• Ereignis: Geistige Schöpfung
• (wer): Eickmeier, Sandra ; Hofmann, Boris ; Worms, Andreas
• Ereignis: Veröffentlichung
• (wer): Deutsche Bundesbank
• (wo): Frankfurt a. M.
• (wann): 2006

Weitere Informationen

• Handle: http://hdl.handle.net/10419/19663
• Letzte Aktualisierung: 10.03.2025, 11:43 MEZ