BEGIN:VCALENDAR VERSION:2.0 PRODID:-//jEvents 2.0 for Joomla//EN CALSCALE:GREGORIAN METHOD:PUBLISH BEGIN:VEVENT UID:be0316cd06790b06092d284151b55886 CATEGORIES:Seminars CREATED:20211206T140143 SUMMARY:Carlo Altavilla - European Central Bank DESCRIPTION;ENCODING=QUOTED-PRINTABLE:

The Great Lockdown: Pandemic Respon se Policies and Bank Lending Conditions”  with Francesca Barbiero, Miguel Boucinha and Lorenzo Burlon

Abstract:
This study analyses the policy measures taken in the euro area in response to the out break and the escalating diffusion of new coronavirus (COVID-19) pandemic. We focus on monetary policies designed specifically to support bank lending conditions. For identification, we use proprietary data on participation i n central bank liquidity operations, high-frequency reactions to monetary p olicy announcements, and confidential supervisory information on bank capit al requirements. The results show that in the absence of the funding cost r elief associated with the pandemic response measures, banks’ ability to sup ply credit would have been severely affected. The results also indicate tha t the coordinated intervention by monetary and prudential authorities ampli fied the effects of the individual measures in supporting liquidity conditi ons and helping to sustain the flow of credit to the private sector. Finall y, we investigate the potential real effects of the joint pandemic response measures by estimating the adjustment in labour input variables for firms that were more exposed to the support measures. We find that, in absence of monetary policies, the pandemic would have led to a significantly larger d ecline in firms’ employment.

DTSTAMP:20260529T194752Z DTSTART:20220505T163000Z DTEND:20220505T180000Z SEQUENCE:0 TRANSP:OPAQUE END:VEVENT END:VCALENDAR