The effects of monetary policy on the composition of bank deposits and on loan supply
M Girotti - Rue de la Banque, 2018 - ideas.repec.org
Rue de la Banque, 2018•ideas.repec.org
Using US bank level data, this Rue de la Banque shows that when monetary policy tightens,
banks with a larger proportion of zero-interest deposits on their balance sheet experience
larger increases in their interest-bearing deposit rate. A larger increase in the interest-
bearing deposit rate then corresponds to a larger decrease in their loan supply. Therefore,
the funding composition of the banking system plays a role in the transmission of monetary
policy: the bank lending channel is still at play.
banks with a larger proportion of zero-interest deposits on their balance sheet experience
larger increases in their interest-bearing deposit rate. A larger increase in the interest-
bearing deposit rate then corresponds to a larger decrease in their loan supply. Therefore,
the funding composition of the banking system plays a role in the transmission of monetary
policy: the bank lending channel is still at play.
Using US bank level data, this Rue de la Banque shows that when monetary policy tightens, banks with a larger proportion of zero-interest deposits on their balance sheet experience larger increases in their interest-bearing deposit rate. A larger increase in the interest-bearing deposit rate then corresponds to a larger decrease in their loan supply. Therefore, the funding composition of the banking system plays a role in the transmission of monetary policy: the bank lending channel is still at play.
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