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BEGIN:VEVENT
UID:fda93b50a6b6f44f0a14693524188a54
CATEGORIES:Seminars
CREATED:20170421T180210
SUMMARY:Lunch Seminar: Piergiorgio Alessandri (Bank of Italy)
DESCRIPTION;ENCODING=QUOTED-PRINTABLE:Bank lending in uncertain times (with Margherita Bottero)\nAbstract:\n We s
 tudy the impact of economic uncertainty on the supply of bank credit using 
 a monthly dataset that includes all loan applications submitted by a sample
  of 650,000 Italian firms between 2003 and 2012. We find that an increase i
 n aggregate uncertainty has three effects. First, it reduces banks’ likelih
 ood to accept new credit applications. Second, it lengthens the time firms 
 have to wait for their loans to be issued. Third, it makes banks less respo
 nsive to fluctuations in short-term interest rates, weakening the bank lend
 ing channel of monetary policy. The influence of uncertainty is relatively 
 stronger for poorly capitalized lenders and/or opaque or distant borrowers.
 \n
DTSTAMP:20260423T003837Z
DTSTART:20161102T130000Z
DTEND:20161102T140000Z
SEQUENCE:0
TRANSP:OPAQUE
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