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Unconventional monetary policy, funding expectations, and firm decisions

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  • Ferrando, Annalisa
  • Popov, Alexander
  • Udell, Gregory F.

Abstract

We study the transmission of (unconventional) monetary policy to the real sector when firm decisions depend on both current and future credit market conditions. For a given level of current credit access, investment and employment increase more for firms expecting bank credit to improve in the future. Three separate unconventional policies by the ECB – the OMT, the introduction of negative rates, and the CSPP – improved expectations of future credit access for SMEs borrowing from banks that were expected to increase SME lending due to the policy. Our results enhance our understanding of the bank balance sheet channel of monetary policy.

Suggested Citation

  • Ferrando, Annalisa & Popov, Alexander & Udell, Gregory F., 2022. "Unconventional monetary policy, funding expectations, and firm decisions," European Economic Review, Elsevier, vol. 149(C).
    • Handle: RePEc:eee:eecrev:v:149:y:2022:i:c:s001429212200157x
    DOI: 10.1016/j.euroecorev.2022.104268
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    More about this item

    Keywords

    Unconventional monetary policy; Funding expectations; Corporate investment;
    All these keywords.

    JEL classification:

    • D22 - Microeconomics - - Production and Organizations - - - Firm Behavior: Empirical Analysis
    • D84 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Expectations; Speculations
    • E58 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Central Banks and Their Policies
    • G21 - Financial Economics - - Financial Institutions and Services - - - Banks; Other Depository Institutions; Micro Finance Institutions; Mortgages
    • H63 - Public Economics - - National Budget, Deficit, and Debt - - - Debt; Debt Management; Sovereign Debt

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