Seminar Monetary and macroprudential policy complementarities: Evidence from European credit registers Seminar part of the FBF series “Finance in the Tuscan Hills” Add to calendar 2022-12-12 14:30 2022-12-12 16:00 Europe/Rome Monetary and macroprudential policy complementarities: Evidence from European credit registers Sala Triaria Villa Schifanoia YYYY-MM-DD Print Share: Share on Facebook Share on BlueSky Share on X Share on LinkedIn Send by email Scheduled dates Dec 12 2022 14:30 - 16:00 CET Sala Triaria, Villa Schifanoia Organised by Robert Schuman Centre for Advanced Studies FBF: Florence School of Banking and Finance In this seminar, Luc Laeven, Director General of the ECB Research Division, will present his paper on Monetary and Macroprudential Policy Complementarities The author will present the paper "Monetary and Macroprudential Policy Complementarities: Evidence from European Credit Registers".The paper explores how the credit channel of monetary policy is amplified by a softer macroprudential policy environment. This holds for both bank-based and borrower-based macroprudential measures, with the latter acting primarily through household credit.The authors obtained these results by using credit register data from multiple countries for both corporate and household credit, and by exploiting exogenous monetary policy surprises and indicators of macroprudential policy actions, instrumented using the transposition of legal directives, for identification. The complementarity between monetary and macroprudential policies is stronger for riskier borrowers, less capitalized banks lending to riskier borrowers, consumer and corporate loans, and more productive firms.