Nicht auf Deutsch verfügbar.
Miguel García-Posada
- 14 January 2020
- WORKING PAPER SERIES - No. 2364Details
- Abstract
- We assess the impact of the Eurosystem’s Targeted Long-Term Refinancing Operations (TLTROs) on the lending policies of euro area banks. We first build a theoretical model in which banks compete in the credit and deposit markets. We distinguish between direct and indirect effects. Direct eff