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UID:be0316cd06790b06092d284151b55886
CATEGORIES:Seminars
CREATED:20211206T140143
SUMMARY:Carlo Altavilla - European Central Bank
DESCRIPTION;ENCODING=QUOTED-PRINTABLE:The Great Lockdown: Pandemic Response Policies and Bank Lending Conditions”
   with Francesca Barbiero, Miguel Boucinha and Lorenzo Burlon\n \n Abstract
 :\n This study analyses the policy measures taken in the euro area in respo
 nse to the outbreak and the escalating diffusion of new coronavirus (COVID-
 19) pandemic. We focus on monetary policies designed specifically to suppor
 t bank lending conditions. For identification, we use proprietary data on p
 articipation in central bank liquidity operations, high-frequency reactions
  to monetary policy announcements, and confidential supervisory information
  on bank capital requirements. The results show that in the absence of the 
 funding cost relief associated with the pandemic response measures, banks’ 
 ability to supply credit would have been severely affected. The results als
 o indicate that the coordinated intervention by monetary and prudential aut
 horities amplified the effects of the individual measures in supporting liq
 uidity conditions and helping to sustain the flow of credit to the private 
 sector. Finally, we investigate the potential real effects of the joint pan
 demic response measures by estimating the adjustment in labour input variab
 les 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 signific
 antly larger decline in firms’ employment.\n
DTSTAMP:20260529T194743Z
DTSTART:20220505T163000Z
DTEND:20220505T180000Z
SEQUENCE:0
TRANSP:OPAQUE
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