The Institute for Statistics and Mathematics (Department of Finance, Accounting and Statistics) cordially invites everyone interested to attend the talks in our Research Seminar Series, where internationally renowned scholars from leading universities present and discuss their (working) papers.

No registration required.

The list of talks for the summer term 2019 is available via the following link: https://www.wu.ac.at/en/statmath/resseminar

Abstract:
This paper studies the bank lending channel of monetary policy transmission in Switzerland over the last three decades. In contrast to early empirical analysis of the bank lending channel (Kashyap and Stein, 1995, 2000), we adopt an approach that is agnostic about which bank characteristic drives the heterogenous response of bank lending to changes in interest rates. In addition, our empirical model allows for changing lending reaction over time in a state-dependent way. Our results are consistent with the existence of a bank lending channel in Switzerland during the period from 1987 until 2016. However, the bank lending channel doesn't seem to work continuously, as we find episodes during which the bank lending channel is muted. These episodes were marked by increased economic uncertainty, which had a negative impact on loan growth.

http://www.wu.ac.at/en/statmath/resseminar