Monetary and Macroprudential Policy Complementarities: Evidence from European Credit Registers

时间：2021年11月16日（周二）16:00-17:30

主持人：余淼杰、余昌华

主讲人：Luc Laeven（欧洲中央银行研究部主任，蒂尔堡大学金融学教授，CEPR研究员）

加入Zoom会议：https://zoom.com.cn/j/92638897210?pwd=d1pkemQ3d2MrSmZLNzJmTzdCOCtBUT09

会议号：926 3889 7210

密码：908060

摘要：We show strong complementarities between monetary and macroprudential policies in influencing credit. We exploit credit register data – crucially from multiple (European) countries and for both corporate and household credit – 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 effect is present for both bank-based and borrower-based macroprudential measures, with borrower-based measures acting primarily through household credit. The complementary effect of monetary 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-ante) productive firms (especially for less capitalized banks).

主讲人简介:Luc Laeven currently works as the Director-General of Directorate General Research, European Central Bank, teaches in Tilburg University and is a Research Fellow of CEPR. His work has been published in several leading journals, including the American Economic Review, the Review of Economic Studies, the Journal of Finance, the Journal of Financial Economics, the Review of Financial Studies, etc. Now, he is in the top-20 worldwide citation ranking list based on last 10 years publications.