Do borrowers demand less credit from banks with weak balance sheets, following monetary policy shocks? To answer this, we use novel bank-specific survey data matched with balance sheet information for euro area banks. We find that, following a monetary policy shock, bank strength influences credit demand as well as credit supply. Bank resilience is important for firms when selecting a lender and it is therefore vital to control for bank-specific demand when identifying credit supply shocks. An application using bank-specific demand shows that—even after fully controlling for demand, borrower quality, and bank strength—unconventional monetary policies stimulate loan supply.

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非常规时期的信贷供求

在货币政策冲击之后，借款人对资产负债表疲软的银行的信贷需求是否减少？为了回答这个问题，我们使用了与欧元区银行资产负债表信息相匹配的特定银行调查数据。我们发现，在货币政策冲击之后，银行实力会影响信贷需求和信贷供应。在选择贷方时，银行弹性对公司很重要，因此在识别信贷供应冲击时控制银行特定的需求至关重要。使用银行特定需求的应用程序表明，即使在完全控制需求、借款人质量和银行实力后，非常规货币政策仍会刺激贷款供应。