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1. Policy uncertainty, lender of last resort and the real economy

   Autor*in: Jasova, Martina; Mendicino, Caterina; Supera, Dominik

   Erschienen: [2021]

   Verlag:  European Central Bank, Frankfurt am Main, Germany

   We show that a reduction in lender of last resort (LOLR) policy uncertainty posi-tively affects bank lending and propagates to investment and employment. We exploita unique policy that reduced uncertainty regarding the availability of future... mehr

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   Kiel: ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel

   Standort:

   ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel

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   DS 534

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   We show that a reduction in lender of last resort (LOLR) policy uncertainty posi-tively affects bank lending and propagates to investment and employment. We exploita unique policy that reduced uncertainty regarding the availability of future LOLRfunding for banks as a quasi-natural experiment. Using micro-level data on banks, firms and loans in Portugal, we generate cross-sectional variation in banks' exposureto uncertainty and find that the size of thehaircut subsidy - the gap between privatemarket and central bank security valuations - plays a key role in the propagation ofthe shock to lending and the real economy.

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   Quelle:	Verbundkataloge
   Sprache:	Englisch
   Medientyp:	Ebook
   Format:	Online
   ISBN:	9789289945219
   Weitere Identifier:	doi: 10.2866/442444 hdl: 10419/234075
   Schriftenreihe:	Working paper series / European Central Bank ; no 2521 (February 2021)
   Schlagworte:	Bank Credit; Haircut Subsidy; Central Bank Liquidity; Policy Uncertainty; Firm-level Employment and Investment
   Umfang:	1 Online-Ressource (circa 67 Seiten), Illustrationen