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BEGIN:VEVENT
UID:41e4bec3f1eb65ed5a09169444dc6541
CATEGORIES:Seminars
CREATED:20210727T095816
SUMMARY:WEBINAR: Luc Laeven - European Central Bank
DESCRIPTION;ENCODING=QUOTED-PRINTABLE:\n\nMonetary and Macroprudential Policy Complementarities: Evidence from Eu
 ropean Credit Registers”\n\n\nAbstract :\nWe show strong complementarities 
 between monetary and macroprudential policies in influencing credit. We exp
 loit credit register data – crucially from multiple (European) countries an
 d for both corporate and household credit – in conjunction with exogenous m
 onetary policy surprises and indicators of macroprudential policy actions, 
 instrumented using the transposition of EU directives into national law.  E
 xpansive monetary policy boosts lending more in accommodative macroprudenti
 al environments. This complementary effect is present for both bank-based a
 nd borrower-based macroprudential measures, with borrower-based measures ac
 ting primarily through household credit. The complementary effect of moneta
 ry and macroprudential policy is stronger for: (i) riskier borrowers; (ii) 
 less capitalized banks (especially when lending to riskier borrowers); (iii
 ) consumer and corporate loans (rather than mortgages); and (iv) more (ex-a
 nte) productive firms (especially for less capitalized banks).\n
DTSTAMP:20260711T082050Z
DTSTART:20211104T170000Z
DTEND:20211104T180000Z
SEQUENCE:0
TRANSP:OPAQUE
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