This paper investigates the existence of cross-sectional differences in the response of
lending to monetary policy and GDP shocks owing to differences in bank capitalization. It …

This paper tests cross-sectional differences in the effectiveness of the bank lending channel.
The results, derived from a comprehensive sample of Italian banks, suggest that …

This paper studies cross-sectional differences in banks interest rates. It adds to the literature
in two ways. First, it analyzes systematically the micro and macroeconomic factors that …

This paper offers a comprehensive comparison of the structure of banking and financial
markets in the euro area. Based on this, several hypotheses about the role of banks in …

Proper conduct of monetary policy requires understanding the monetary transmission
mechanism, to monitor the economy, make decisions on the stance of policy, and explain …

Drawing on recent Eurosystem research that uses a range of econometric techniques and a
number of new data sets, we propose a comprehensive description of how monetary policy …

The paper examines micro data on Italian manufacturing firms' inventory behaviour to test
the Meltzer (1960) hypothesis according to which firms substitute bank credit with trade …

We make two contributions on the extent and impact of relationship banking–based on close
and long-lasting bank–firm customer relationships–in the three sub-systems in which Italy …

A substantial literature has investigated the role of relationship lending in shielding
borrowers from idiosyncratic shocks. Much less is known about how lending relationships …

The paper assesses the quantitative importance of a channel of monetary transmission
operating through firms' balance sheets. It studies the effects of monetary policy on the …