Nous accueillerons Philipp Roderweis, qui fera une présentation intitulée « Assessing the Interaction of Monetary Transmission and Bank Lending: The Impact of Quantitative Easing on a Disaggregated Euro Area Economy », vous trouverez ci-dessous le résumé :
The European Central Bank’s (ECB) quantitative easing (QE) program was supposed to stimulate the real economy and be able to control inflation rates. Nevertheless, primarily the financial sector has benefited from the asset purchase program. Transmission was not taking place as desired, with commercial banks as money creators and thus liquidity distributors at the center of this inefficiency. Accordingly, this article aims to examine the transmission of central bank money to the euro area economy via the banking system and the corresponding bank lending channel (BLC) to assess the efficiency of monetary policy transmission. Bank lending and other economic variables are divided into productive and unproductive. We analyze how these areas react to an exogenous monetary policy shock of an increase in the base money supply. Using least-square and penalized local projection (LP) methods, it can be concluded that a money supply increase via quantitative easing cannot stimulate economic activity-enhancing lending in the euro area but, on the contrary, tends to disincentivize it. On the other hand, it drives lending to the financial sector. Additionally, this is confirmed by the fact that prices, especially in the housing sector, react significantly positively to a QE shock, whereas, on the contrary, producer prices in the industrial sector respond negatively in the short run, and inflation is not affected by unconventional monetary policy.
Evan Bertin ( firstname.lastname@example.org ), Sahil Chopra ( email@example.com ), Jonas Grangeray ( firstname.lastname@example.org ), Guillaume Larrouturou ( email@example.com ), Manel Toumi (firstname.lastname@example.org), Jhonatan Saldana (email@example.com) et Léo Vigny (firstname.lastname@example.org)