Bank Lending and the Transmission of Monetary Policy: A VECM Analysis for Germany

作者: Oliver Hülsewig , Peter Winker , Andreas Worms

DOI: 10.2139/SSRN.304457

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摘要: This paper addresses the relevance of bank lending channel in transmission monetary policy Germany on basis a structural vector error correction model (VECM). In order to deal with fundamental problem identification we use restriction tests cointegration vectors identify long-run supply and demand relationships market for loans. We find empirical evidence that is consistent Germany. To our knowledge, this analysis first study looks at German loan context by applying such approach aggregate data.

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