{"id":"https://openalex.org/W3176183353","doi":"https://doi.org/10.2139/ssrn.2671045","title":"The International Bank Lending Channel of Monetary Policy Rates and QE: Credit Supply, Reach-for-Yield, and Real Effects","display_name":"The International Bank Lending Channel of Monetary Policy Rates and QE: Credit Supply, Reach-for-Yield, and Real Effects","publication_year":2015,"publication_date":"2015-01-01","ids":{"openalex":"https://openalex.org/W3176183353","doi":"https://doi.org/10.2139/ssrn.2671045","mag":"3176183353"},"language":"en","primary_location":{"id":"doi:10.2139/ssrn.2671045","doi":"https://doi.org/10.2139/ssrn.2671045","is_oa":true,"landing_page_url":"https://doi.org/10.2139/ssrn.2671045","pdf_url":null,"source":{"id":"https://openalex.org/S4210172589","display_name":"SSRN Electronic Journal","issn_l":"1556-5068","issn":["1556-5068"],"is_oa":true,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":"https://openalex.org/I1318003438","host_organization_name":"RELX Group (Netherlands)","host_organization_lineage":["https://openalex.org/I1318003438"],"host_organization_lineage_names":[],"type":"repository"},"license":null,"license_id":null,"version":"acceptedVersion","is_accepted":true,"is_published":false,"raw_source_name":null,"raw_type":"posted-content"},"volume":null,"type":"preprint","indexed_in":["crossref"],"open_access":{"is_oa":true,"oa_status":"green","oa_url":"https://doi.org/10.2139/ssrn.2671045","any_repository_has_fulltext":true},"authorships":[{"author_position":"first","author":{"id":"https://openalex.org/A5063694569","display_name":"Bernardo Morais","orcid":null,"observed_orcids":[]},"institutions":[{"id":"https://openalex.org/I2802905149","display_name":"Federal Reserve Board of Governors","ror":"https://ror.org/00v448643","country_code":"US","type":"government","lineage":["https://openalex.org/I1317239608","https://openalex.org/I2802905149"]}],"countries":["US"],"is_corresponding":true,"raw_author_name":"Bernardo Morais","raw_affiliation_strings":["Board of Governors of the Federal Reserve System, 20th Street and Constitution Avenue NW, Washington, DC 20551, United States","Board of Governors of the Federal Reserve System"],"raw_orcid":null,"affiliations":[{"raw_affiliation_string":"Board of Governors of the Federal Reserve System, 20th Street and Constitution Avenue NW, Washington, DC 20551, United States","institution_ids":["https://openalex.org/I2802905149"]},{"raw_affiliation_string":"Board of Governors of the Federal Reserve System","institution_ids":["https://openalex.org/I2802905149"]}]},{"author_position":"middle","author":{"id":"https://openalex.org/A5040742000","display_name":"Jos\u00e9\u2010Luis Peydr\u00f3","orcid":"https://orcid.org/0000-0002-4542-7353","observed_orcids":["https://orcid.org/0000-0002-4542-7353"]},"institutions":[{"id":"https://openalex.org/I170486558","display_name":"Universitat Pompeu Fabra","ror":"https://ror.org/04n0g0b29","country_code":"ES","type":"education","lineage":["https://openalex.org/I170486558"]},{"id":"https://openalex.org/I4210140326","display_name":"Centre for Economic Policy Research","ror":"https://ror.org/04jzmdh37","country_code":"GB","type":"nonprofit","lineage":["https://openalex.org/I4210140326"]},{"id":"https://openalex.org/I47508984","display_name":"Imperial College London","ror":"https://ror.org/041kmwe10","country_code":"GB","type":"education","lineage":["https://openalex.org/I47508984"]}],"countries":["ES","GB"],"is_corresponding":false,"raw_author_name":"Jose-Luis Peydro","raw_affiliation_strings":["Centre for Economic Policy Research (CEPR)","Imperial College London","Universitat Pompeu Fabra - Faculty of Economic and Business Sciences"],"raw_orcid":null,"affiliations":[{"raw_affiliation_string":"Centre for Economic Policy Research (CEPR)","institution_ids":["https://openalex.org/I4210140326"]},{"raw_affiliation_string":"Imperial College London","institution_ids":["https://openalex.org/I47508984"]},{"raw_affiliation_string":"Universitat Pompeu Fabra - Faculty of Economic and Business Sciences","institution_ids":["https://openalex.org/I170486558"]}]},{"author_position":"last","author":{"id":"https://openalex.org/A5112692116","display_name":"Claudia Ruiz Ortega","orcid":null,"observed_orcids":[]},"institutions":[{"id":"https://openalex.org/I1334329717","display_name":"World Bank","ror":"https://ror.org/00ae7jd04","country_code":"US","type":"other","lineage":["https://openalex.org/I1334329717","https://openalex.org/I55633929"]},{"id":"https://openalex.org/I55633929","display_name":"World Bank Group","ror":"https://ror.org/02md09461","country_code":"US","type":"other","lineage":["https://openalex.org/I55633929"]}],"countries":["US"],"is_corresponding":false,"raw_author_name":"Claudia Ruiz Ortega","raw_affiliation_strings":["World Bank - Development Research Group (DECRG), 1818 H Street, NW, Washington, DC 20433, United States","World Bank, 1818 H Street, Washington, DC 20433, United States","World Bank","World Bank - Development Research Group (DECRG)"],"raw_orcid":null,"affiliations":[{"raw_affiliation_string":"World Bank - Development Research Group (DECRG), 1818 H Street, NW, Washington, DC 20433, United States","institution_ids":["https://openalex.org/I1334329717"]},{"raw_affiliation_string":"World Bank, 1818 H Street, Washington, DC 20433, United States","institution_ids":["https://openalex.org/I1334329717"]},{"raw_affiliation_string":"World Bank","institution_ids":["https://openalex.org/I1334329717"]},{"raw_affiliation_string":"World Bank - Development Research Group (DECRG)","institution_ids":["https://openalex.org/I1334329717","https://openalex.org/I55633929"]}]}],"institutions":[],"countries_distinct_count":3,"institutions_distinct_count":6,"corresponding_author_ids":["https://openalex.org/A5063694569"],"corresponding_institution_ids":["https://openalex.org/I2802905149"],"apc_list":null,"apc_paid":null,"fwci":null,"has_fulltext":false,"cited_by_count":54,"citation_normalized_percentile":null,"cited_by_percentile_year":null,"biblio":{"volume":null,"issue":null,"first_page":null,"last_page":null},"is_retracted":false,"is_paratext":false,"is_xpac":false,"primary_topic":{"id":"https://openalex.org/T10007","display_name":"Monetary Policy and Economic Impact","score":0.9394999742507935,"subfield":{"id":"https://openalex.org/subfields/2000","display_name":"General Economics, Econometrics and Finance"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},"topics":[{"id":"https://openalex.org/T10007","display_name":"Monetary Policy and Economic Impact","score":0.9394999742507935,"subfield":{"id":"https://openalex.org/subfields/2000","display_name":"General Economics, Econometrics and Finance"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T10127","display_name":"Banking stability, regulation, efficiency","score":0.04470000043511391,"subfield":{"id":"https://openalex.org/subfields/2003","display_name":"Finance"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T10503","display_name":"Global Financial Crisis and Policies","score":0.01209999993443489,"subfield":{"id":"https://openalex.org/subfields/2003","display_name":"Finance"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}}],"keywords":[{"id":"https://openalex.org/keywords/policy-rate","display_name":"key rate","score":0.7739999890327454},{"id":"https://openalex.org/keywords/quantitative-easing","display_name":"quantitative easing","score":0.9959999918937683},{"id":"https://openalex.org/keywords/corporate-lending","display_name":"corporate lending","score":0.6340000033378601},{"id":"https://openalex.org/keywords/credit-supply","display_name":"credit supply","score":0.7940000295639038},{"id":"https://openalex.org/keywords/loan-default","display_name":"loan default","score":0.7139999866485596},{"id":"https://openalex.org/keywords/risk-taking","display_name":"risk-taking","score":0.6790000200271606},{"id":"https://openalex.org/keywords/emerging-markets","display_name":"emerging markets","score":0.8240000009536743},{"id":"https://openalex.org/keywords/mexican-firms","display_name":"Mexican companies","score":0.6389999985694885},{"id":"https://openalex.org/keywords/foreign-banks","display_name":"foreign banks","score":0.5910000205039978},{"id":"https://openalex.org/keywords/bank-balance-sheets","display_name":"bank balance sheets","score":0.45399999618530273}],"concepts":[{"id":"https://openalex.org/C134121241","wikidata":"https://www.wikidata.org/wiki/Q899301","display_name":"Yield (engineering)","level":2,"score":0.6844477653503418},{"id":"https://openalex.org/C126285488","wikidata":"https://www.wikidata.org/wiki/Q178476","display_name":"Monetary policy","level":2,"score":0.6437976360321045},{"id":"https://openalex.org/C556758197","wikidata":"https://www.wikidata.org/wiki/Q580018","display_name":"Monetary economics","level":1,"score":0.5856909155845642},{"id":"https://openalex.org/C162324750","wikidata":"https://www.wikidata.org/wiki/Q8134","display_name":"Economics","level":0,"score":0.5818475484848022},{"id":"https://openalex.org/C88583849","wikidata":"https://www.wikidata.org/wiki/Q5183768","display_name":"Credit channel","level":4,"score":0.5160948634147644},{"id":"https://openalex.org/C127162648","wikidata":"https://www.wikidata.org/wiki/Q16858953","display_name":"Channel (broadcasting)","level":2,"score":0.48100361227989197},{"id":"https://openalex.org/C73283319","wikidata":"https://www.wikidata.org/wiki/Q1416617","display_name":"Financial system","level":1,"score":0.4771411120891571},{"id":"https://openalex.org/C175025494","wikidata":"https://www.wikidata.org/wiki/Q179179","display_name":"Interest rate","level":2,"score":0.4626060426235199},{"id":"https://openalex.org/C176230804","wikidata":"https://www.wikidata.org/wiki/Q205257","display_name":"Yield curve","level":3,"score":0.42533713579177856},{"id":"https://openalex.org/C2993078247","wikidata":"https://www.wikidata.org/wiki/Q182076","display_name":"Bank credit","level":2,"score":0.4191586673259735},{"id":"https://openalex.org/C144133560","wikidata":"https://www.wikidata.org/wiki/Q4830453","display_name":"Business","level":0,"score":0.3576205372810364},{"id":"https://openalex.org/C185824701","wikidata":"https://www.wikidata.org/wiki/Q1193759","display_name":"Inflation targeting","level":3,"score":0.22312384843826294},{"id":"https://openalex.org/C127413603","wikidata":"https://www.wikidata.org/wiki/Q11023","display_name":"Engineering","level":0,"score":0.056900203227996826},{"id":"https://openalex.org/C119599485","wikidata":"https://www.wikidata.org/wiki/Q43035","display_name":"Electrical engineering","level":1,"score":0.0},{"id":"https://openalex.org/C191897082","wikidata":"https://www.wikidata.org/wiki/Q11467","display_name":"Metallurgy","level":1,"score":0.0},{"id":"https://openalex.org/C192562407","wikidata":"https://www.wikidata.org/wiki/Q228736","display_name":"Materials science","level":0,"score":0.0}],"mesh":[],"locations_count":1,"locations":[{"id":"doi:10.2139/ssrn.2671045","doi":"https://doi.org/10.2139/ssrn.2671045","is_oa":true,"landing_page_url":"https://doi.org/10.2139/ssrn.2671045","pdf_url":null,"source":{"id":"https://openalex.org/S4210172589","display_name":"SSRN Electronic Journal","issn_l":"1556-5068","issn":["1556-5068"],"is_oa":true,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":"https://openalex.org/I1318003438","host_organization_name":"RELX Group (Netherlands)","host_organization_lineage":["https://openalex.org/I1318003438"],"host_organization_lineage_names":[],"type":"repository"},"license":null,"license_id":null,"version":"acceptedVersion","is_accepted":true,"is_published":false,"raw_source_name":null,"raw_type":"posted-content"}],"best_oa_location":{"id":"doi:10.2139/ssrn.2671045","doi":"https://doi.org/10.2139/ssrn.2671045","is_oa":true,"landing_page_url":"https://doi.org/10.2139/ssrn.2671045","pdf_url":null,"source":{"id":"https://openalex.org/S4210172589","display_name":"SSRN Electronic Journal","issn_l":"1556-5068","issn":["1556-5068"],"is_oa":true,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":"https://openalex.org/I1318003438","host_organization_name":"RELX Group (Netherlands)","host_organization_lineage":["https://openalex.org/I1318003438"],"host_organization_lineage_names":[],"type":"repository"},"license":null,"license_id":null,"version":"acceptedVersion","is_accepted":true,"is_published":false,"raw_source_name":null,"raw_type":"posted-content"},"sustainable_development_goals":[],"sustainable_development_goals_aurora":[{"id":"https://metadata.un.org/sdg/17","display_name":"Partnerships for the goals","score":0.5}],"study_designs":[],"awards":[],"funders":[],"has_content":{"grobid_xml":false,"pdf":false},"content_urls":null,"referenced_works_count":44,"referenced_works":["https://openalex.org/W1498267702","https://openalex.org/W1501423114","https://openalex.org/W1508198902","https://openalex.org/W1723765309","https://openalex.org/W1803174028","https://openalex.org/W1855228792","https://openalex.org/W1954685264","https://openalex.org/W1968450183","https://openalex.org/W1971361487","https://openalex.org/W1998681109","https://openalex.org/W2016839669","https://openalex.org/W2057009456","https://openalex.org/W2076346609","https://openalex.org/W2098224216","https://openalex.org/W2100673825","https://openalex.org/W2108511222","https://openalex.org/W2108817744","https://openalex.org/W2115657206","https://openalex.org/W2118859991","https://openalex.org/W2134443358","https://openalex.org/W2136513790","https://openalex.org/W2138388332","https://openalex.org/W2140833692","https://openalex.org/W2141687698","https://openalex.org/W2146897724","https://openalex.org/W2159776227","https://openalex.org/W2170428507","https://openalex.org/W2325202941","https://openalex.org/W2553623971","https://openalex.org/W2598797622","https://openalex.org/W3022871155","https://openalex.org/W3049243281","https://openalex.org/W3092524962","https://openalex.org/W3123263726","https://openalex.org/W3123703631","https://openalex.org/W3124221543","https://openalex.org/W3124420652","https://openalex.org/W3125030308","https://openalex.org/W3125113268","https://openalex.org/W3187206434","https://openalex.org/W4234246145","https://openalex.org/W4235585324","https://openalex.org/W4254139982","https://openalex.org/W4255472022"],"related_works":["https://openalex.org/W3125829146","https://openalex.org/W4376623027","https://openalex.org/W3206278206","https://openalex.org/W2781721990","https://openalex.org/W3124956525","https://openalex.org/W2330313268","https://openalex.org/W7098568380","https://openalex.org/W7116779881","https://openalex.org/W4390913948","https://openalex.org/W2067600987"],"abstract_inverted_index":null,"counts_by_year":[{"year":2025,"cited_by_count":1},{"year":2024,"cited_by_count":3},{"year":2023,"cited_by_count":3},{"year":2022,"cited_by_count":4},{"year":2021,"cited_by_count":4},{"year":2020,"cited_by_count":8},{"year":2019,"cited_by_count":6},{"year":2018,"cited_by_count":9},{"year":2017,"cited_by_count":7},{"year":2016,"cited_by_count":3},{"year":2015,"cited_by_count":1},{"year":2014,"cited_by_count":1}],"updated_date":"2026-10-16T09:59:22.235173","created_date":"2021-07-05T00:00:00"}
