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Mending the broken link: heterogeneous bank lending and monetary policy pass-through

Altavilla, Carlo; Canova, Fabio; Ciccarelli, Matteo
Working paper
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URI
http://hdl.handle.net/11250/2429272
Date
2016
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  • Centre for Applied Macro- and Petroleum economics (CAMP) [124]
Abstract
We analyze the pass-through of monetary policy measures to lending rates to fi rms and households in the euro area using a novel bank-level dataset. Banks characteristics such as the capital ratio, the exposure to sovereign debt, and the percentage of non-performing loans are responsible for the heterogeneity in pass-through of conventional monetary policy changes. The location of a bank is irrelevant. Non-standard measures normalized the capacity of banks to grant loans. Banks with high level of non-performing loans and low capital ratio were most affected. Bank's lending margins fell considerably. Macroeconomic implications are discussed.
Publisher
BI Norwegian Business School
Series
CAMP Working Paper Series;9/2016

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