We assess the transmission of the Targeted Longer‐Term Refinancing Operations (TLTRO) to the bank credit supply for the Euro area (2014–2017) and for Portugal (2011:02–2018:01), using a panel data setup. In order to estimate a causal effect, we construct an instrumental variable (IV) using the maximum borrowing allowance in the TLTRO. For the Euro area, we find a positive impact of the TLTRO on the amount of credit granted to the real economy, in particular in the less vulnerable countries. For Portugal, using a difference‐in‐differences model, we find that bidding banks set lower interest rates in relation to non‐bidding banks and the difference seems to be larger in 2016 and 2017.

中文翻译：

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非常规货币政策向银行信贷供给的传导：TLTRO的证据

我们使用面板数据设置评估了针对性的长期再融资业务（TLTRO）向欧元区（2014–2017）和葡萄牙（2011：02–2018：01）的银行信贷供应的传导。为了估计因果关系，我们使用TLTRO中的最大借贷限额构造工具变量（IV）。对于欧元区，我们发现TLTRO对授予实体经济的信贷量具有积极影响，特别是在脆弱程度较低的国家。对于葡萄牙，使用差异模型，我们发现竞标银行相对于非竞标银行设定了更低的利率，并且2016年和2017年的差异似乎更大。