@phdthesis{Huelsewig2003,
  author    = {H{\"u}lsewig, Oliver},
  title     = {Bank lending and monetary policy transmission in Germany},
  url       = {http://nbn-resolving.de/urn:nbn:de:bvb:20-opus-8686},
  school      = {Universit{\"a}t W{\"u}rzburg},
  year      = {2003},
  abstract  = {This study investigates the credit channel in the transmission of monetary policy in Germany by means of a structural analysis of aggregate bank loan data. We base our analysis on a stylized model of the banking firm, which specifies the loan supply decisions of banks in the light of expectations about the future course of monetary policy. Using the model as a guide, we apply a vector error correction model (VECM), in which we identify long-run cointegration relationships that can be interpreted as loan supply and loan demand equations. In this way, the identification problem inherent in reduced form approaches based on aggregate data is explicitly addressed. The short-run dynamics is explored by means of innovation analysis, which displays the reaction of the variables in the system to a monetary policy shock. The main implication of our results is that the credit channel in Germany appears to be effective, as we find that loan supply effects in addition to loan demand effects contribute to the propagation of monetary policy measures.},
  language  = {en}
}