Using bank‐level information on lending rates, we study the transmission of conventional and unconventional monetary policy measures in the euro area via shifts in the supply of credit. For conventional operations, we find that the transmission is stronger for weaker banks, in line with the standard predictions of the bank‐lending channel literature. For nonstandard measures, instead, the monetary accommodation was transmitted more by banks with stronger capital and funding positions and characterized by a higher exposure to government bonds.

中文翻译：

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常规和非常规货币政策的银行贷款渠道

利用银行层面的贷款利率信息，我们研究了信贷供应转移对欧元区常规和非常规货币政策措施的传导。对于常规操作，我们发现，较弱的银行的传递更强，这与银行借贷渠道文献的标准预测一致。相反，对于非标准措施，具有更大资本和资金头寸并具有较高政府债券敞口特征的银行传递了更多的货币宽松条件。