The amount of assets managed by non-bank lenders has increased significantly over the last decades. Our research aims to clarify whether such an increase has had any impact on the effectiveness of monetary policy. To this end, we consider several credit aggregates granted from bank and non-bank institutions for different scopes and developments in the US economy. Our analysis is based on the estimation of a large Bayesian VAR. The results suggest that the rise of non-bank lenders has reduced and altered the monetary policy transmission mechanism.

Cafiso, G., Rivolta, G., Monetary Interventions and the Rise of Non-Bank Lenders, <<CESifo Working Papers>>, 2022; (9949): 1-34 [https://hdl.handle.net/10807/234930]

Monetary Interventions and the Rise of Non-Bank Lenders

Rivolta, Giulia
Membro del Collaboration Group
2022

Abstract

The amount of assets managed by non-bank lenders has increased significantly over the last decades. Our research aims to clarify whether such an increase has had any impact on the effectiveness of monetary policy. To this end, we consider several credit aggregates granted from bank and non-bank institutions for different scopes and developments in the US economy. Our analysis is based on the estimation of a large Bayesian VAR. The results suggest that the rise of non-bank lenders has reduced and altered the monetary policy transmission mechanism.
2022
Inglese
CESifo Working Papers
Cafiso, G., Rivolta, G., Monetary Interventions and the Rise of Non-Bank Lenders, <<CESifo Working Papers>>, 2022; (9949): 1-34 [https://hdl.handle.net/10807/234930]
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Utilizza questo identificativo per citare o creare un link a questo documento: https://hdl.handle.net/10807/234930
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