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BEGIN:VEVENT
UID:41e4bec3f1eb65ed5a09169444dc6541
CATEGORIES:Seminars
CREATED:20210727T095816
SUMMARY:WEBINAR: Luc Laeven - European Central Bank
DESCRIPTION;ENCODING=QUOTED-PRINTABLE:<p><span style="font-size: 11pt; font-family: Calibri, sans-serif;"><strong
 >Monetary and Macroprudential Policy Complementarities: Evidence from Europ
 ean Credit Registers</strong>”</span></p><p><span style="font-size: 11pt; f
 ont-family: Calibri, sans-serif;">Abstract :</span></p><p style="text-align
 : justify;"><span style="font-size: 11pt; font-family: Calibri, sans-serif;
 ">We show strong complementarities between monetary and macroprudential pol
 icies in influencing credit. We exploit credit register data – crucially fr
 om multiple (European) countries and for both corporate and household credi
 t – in conjunction with exogenous monetary policy surprises and indicators 
 of macroprudential policy actions, instrumented using the transposition of 
 EU directives into national law.  Expansive monetary policy boosts lending 
 more in accommodative macroprudential environments. This complementary effe
 ct is present for both bank-based and borrower-based macroprudential measur
 es, with borrower-based measures acting primarily through household credit.
  The complementary effect of monetary and macroprudential policy is stronge
 r for: (i) riskier borrowers; (ii) less capitalized banks (especially when 
 lending to riskier borrowers); (iii) consumer and corporate loans (rather t
 han mortgages); and (iv) more (ex-ante) productive firms (especially for le
 ss capitalized banks).</span></p>
DTSTAMP:20260711T082248Z
DTSTART:20211104T170000Z
DTEND:20211104T180000Z
SEQUENCE:0
TRANSP:OPAQUE
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