Jump to ContentJump to Main Navigation
Show Summary Details
More options …

The B.E. Journal of Macroeconomics

Editor-in-Chief: Cavalcanti, Tiago / Kambourov, Gueorgui

Ed. by Abraham, Arpad / Carceles-Poveda , Eva / Debortoli, Davide / Lambertini, Luisa / Nimark, Kristoffer / Wang, Pengfei

2 Issues per year

IMPACT FACTOR 2016: 0.043
5-year IMPACT FACTOR: 0.376

CiteScore 2016: 0.36

SCImago Journal Rank (SJR) 2016: 0.312
Source Normalized Impact per Paper (SNIP) 2016: 0.272

See all formats and pricing
More options …

The bank lending channel and monetary policy rules for Eurozone banks: further extensions

Nicholas Apergis / Stephen M. Miller
  • Economics, University of Nevada, Las Vegas, 4505 S Maryland Parkway Box 456005, Las Vegas, Nevada 89164-6005, USA
  • Other articles by this author:
  • De Gruyter OnlineGoogle Scholar
/ Effrosyni Alevizopoulou
Published Online: 2014-06-12 | DOI: https://doi.org/10.1515/bejm-2014-0044


The monetary authorities affect macroeconomic activity through various channels of influence. This paper examines the bank lending channel, which considers how central bank actions affect the loan supply through its main indicator of policy, the real short-term interest rate. This paper employs the endogenously determined target interest rate, emanating from the European Central Bank’s monetary policy rule, to examine the operation of the bank lending channel. Furthermore, it examines whether different bank-specific characteristics affect how Eurozone banks react to monetary shocks. That is, do sounder banks react more to the monetary policy rule than less-sound banks? The paper finds evidence of an active and statistically and economically significant bank lending channel for the Eurozone between 2000 and 2009.

Keywords: bank lending channel; Eurozone banks; GMM methodology; Monetary policy rules

JEL: G21; E52; C33


  • Apergis, N., and E. Alevizopoulou. 2012. “The Bank Lending Channel and Monetary Policy Rules: Evidence from European Banks.” International Advances in Economic Research 18: 1–14.Google Scholar

  • Arellano, M., and S. Bond. 1991. “Some Tests of Specification for Panel Data: Monte Carlo Evidence and an Application to Employment Equations.” Review of Economic Studies 58: 277–297.Google Scholar

  • Clarida, R., J. Gali, and M. Gertler. 1998. “Monetary Policy Rules in Practice: Some International Evidence.” European Economic Review 42: 1033–1067.Google Scholar

  • Clarida, R., J. Gali, and M. Gertler. 2000. “Monetary Policy Rules and Macroeconomic Stability: Evidence and Some Theory.” Quarterly Journal of Economics 115: 147–180.Web of ScienceGoogle Scholar

  • Gambacorta, L. 2005. “Inside the Bank Lending Channel.” European Economic Review 49: 1737–1759.Web of ScienceGoogle Scholar

  • Hernando, I., and J. M. Pages. 2001. “Is There a Bank Lending Channel of Monetary Policy in Spain?” European Central Bank, Working Paper Series, Working Paper No. 99.Google Scholar

  • Stock, H. J., and W. M. Watson. 1999. “Forecasting Inflation.” NBER Working Paper Series, Working paper No 7023.Google Scholar

  • Svensson, L. E. O., and M. Woodford. 2004. “Implementing Optimal Policy through Inflation-Forecast Targeting.” In Inflation Targeting, edited by B. S. Bernanke and M. Woodford, Chicago: The University of Chicago Press.Google Scholar

About the article

Corresponding author: Nicholas Apergis, Economics, Curtin University, Western Australia, 6102 Australia, e-mail:

Published Online: 2014-06-12

Published in Print: 2015-01-01

Citation Information: The B.E. Journal of Macroeconomics, Volume 15, Issue 1, Pages 93–112, ISSN (Online) 1935-1690, ISSN (Print) 2194-6116, DOI: https://doi.org/10.1515/bejm-2014-0044.

Export Citation

©2015 by De Gruyter. Copyright Clearance Center

Comments (0)

Please log in or register to comment.
Log in