Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/265984 
Year of Publication: 
2022
Series/Report no.: 
CESifo Working Paper No. 9949
Publisher: 
Center for Economic Studies and ifo Institute (CESifo), Munich
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.
Subjects: 
bank loans
non-bank loans
monetary interventions
Bayesian VAR
JEL: 
E44
E51
G20
G21
C11
Document Type: 
Working Paper
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