ECB monetary policy was weakened by regulation – Bundesbank paper

Increased capital requirements for German banks may have depressed lending at a time when monetary policy was trying to stimulate it, a working paper by the Deutsche Bundesbank argues.

In The transmission of bank capital requirements and monetary policy to bank lending, Björn Imbierowicz, Axel Löffler and Ursula Vogel investigate how German banks’ lending was affected by monetary policy and by capital requirements. The authors use data on lending by banks in Germany from 2008 to 2018.


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