{"id":"https://openalex.org/W4295009345","doi":"https://doi.org/10.1002/ijfe.2696","title":"Monetary policy shock and impact asymmetry in bank lending channel: Evidence from the UK housing sector","display_name":"Monetary policy shock and impact asymmetry in bank lending channel: Evidence from the UK housing sector","publication_year":2022,"publication_date":"2022-09-07","ids":{"openalex":"https://openalex.org/W4295009345","doi":"https://doi.org/10.1002/ijfe.2696"},"language":"en","primary_location":{"id":"doi:10.1002/ijfe.2696","doi":"https://doi.org/10.1002/ijfe.2696","is_oa":true,"landing_page_url":"https://doi.org/10.1002/ijfe.2696","pdf_url":"https://onlinelibrary.wiley.com/doi/pdfdirect/10.1002/ijfe.2696","source":{"id":"https://openalex.org/S146099957","display_name":"International Journal of Finance & Economics","issn_l":"1076-9307","issn":["1076-9307","1099-1158"],"is_oa":false,"is_in_doaj":false,"is_core":true,"listed_in":["abdc-b","anvur-class-a","anvur-scientific","cwts-core","fnege-3","jufo-1","norway-1","poland-70","russia-white-list-2","vabb-shw"],"host_organization":"https://openalex.org/P4310320595","host_organization_name":"Wiley","host_organization_lineage":["https://openalex.org/P4310320595"],"host_organization_lineage_names":["Wiley"],"type":"journal"},"license":"cc-by","license_id":"https://openalex.org/licenses/cc-by","version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"International Journal of Finance &amp; Economics","raw_type":"journal-article"},"volume":null,"type":"article","is_traditional":true,"indexed_in":["crossref"],"open_access":{"is_oa":true,"oa_status":"hybrid","oa_url":"https://onlinelibrary.wiley.com/doi/pdfdirect/10.1002/ijfe.2696","any_repository_has_fulltext":true},"authorships":[{"author_position":"first","author":{"id":"https://openalex.org/A5013312895","display_name":"Rosen Azad Chowdhury","orcid":"https://orcid.org/0000-0003-1796-9603","observed_orcids":["https://orcid.org/0000-0003-1796-9603"]},"institutions":[{"id":"https://openalex.org/I39586589","display_name":"Swansea University","ror":"https://ror.org/053fq8t95","country_code":"GB","type":"education","lineage":["https://openalex.org/I39586589"]}],"countries":["GB"],"is_corresponding":false,"raw_author_name":"Rosen Azad Chowdhury","raw_affiliation_strings":["Department of Economics, Swansea University, Swansea, UK"],"raw_orcid":"https://orcid.org/0000-0003-1796-9603","affiliations":[{"raw_affiliation_string":"Department of Economics, Swansea University, Swansea, UK","institution_ids":["https://openalex.org/I39586589"]}]},{"author_position":"middle","author":{"id":"https://openalex.org/A5072664137","display_name":"Dilshad Jahan","orcid":"https://orcid.org/0000-0002-6685-6528","observed_orcids":["https://orcid.org/0000-0002-6685-6528"]},"institutions":[{"id":"https://openalex.org/I39586589","display_name":"Swansea University","ror":"https://ror.org/053fq8t95","country_code":"GB","type":"education","lineage":["https://openalex.org/I39586589"]}],"countries":["GB"],"is_corresponding":false,"raw_author_name":"Dilshad Jahan","raw_affiliation_strings":["Department of Economics, Swansea University, Swansea, UK"],"raw_orcid":"https://orcid.org/0000-0002-6685-6528","affiliations":[{"raw_affiliation_string":"Department of Economics, Swansea University, Swansea, UK","institution_ids":["https://openalex.org/I39586589"]}]},{"author_position":"middle","author":{"id":"https://openalex.org/A5025111251","display_name":"Tapas Mishra","orcid":"https://orcid.org/0000-0002-6902-2326","observed_orcids":["https://orcid.org/0000-0002-6902-2326"]},"institutions":[{"id":"https://openalex.org/I43439940","display_name":"University of Southampton","ror":"https://ror.org/01ryk1543","country_code":"GB","type":"education","lineage":["https://openalex.org/I43439940"]}],"countries":["GB"],"is_corresponding":true,"raw_author_name":"Tapas Mishra","raw_affiliation_strings":["Southampton Business School, Southampton University, Southampton, UK"],"raw_orcid":"https://orcid.org/0000-0002-6902-2326","affiliations":[{"raw_affiliation_string":"Southampton Business School, Southampton University, Southampton, UK","institution_ids":["https://openalex.org/I43439940"]}]},{"author_position":"last","author":{"id":"https://openalex.org/A5018651773","display_name":"Mamata Parhi","orcid":"https://orcid.org/0000-0003-4024-0431","observed_orcids":["https://orcid.org/0000-0003-4024-0431"]},"institutions":[{"id":"https://openalex.org/I877107187","display_name":"University of Roehampton","ror":"https://ror.org/043071f54","country_code":"GB","type":"education","lineage":["https://openalex.org/I877107187"]}],"countries":["GB"],"is_corresponding":false,"raw_author_name":"Mamata Parhi","raw_affiliation_strings":["Faculty of Business and Law, Roehampton University, London, UK"],"raw_orcid":"https://orcid.org/0000-0003-4024-0431","affiliations":[{"raw_affiliation_string":"Faculty of Business and Law, Roehampton University, London, UK","institution_ids":["https://openalex.org/I877107187"]}]}],"institutions":[],"countries_distinct_count":1,"institutions_distinct_count":3,"corresponding_author_ids":["https://openalex.org/A5025111251"],"corresponding_institution_ids":["https://openalex.org/I43439940"],"apc_list":{"value":3000,"currency":"USD","value_usd":3000},"apc_paid":{"value":3000,"currency":"USD","value_usd":3000},"fwci":1.5888,"has_fulltext":true,"cited_by_count":9,"citation_normalized_percentile":{"value":0.83486386,"is_in_top_1_percent":false,"is_in_top_10_percent":false},"cited_by_percentile_year":{"min":93,"max":97},"biblio":{"volume":"29","issue":"1","first_page":"511","last_page":"530"},"is_retracted":false,"is_paratext":false,"is_xpac":false,"primary_topic":{"id":"https://openalex.org/T10007","display_name":"Monetary Policy and Economic Impact","score":0.9291999936103821,"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":0.9291999936103821,"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/T10632","display_name":"Housing Market and Economics","score":0.062199998646974564,"subfield":{"id":"https://openalex.org/subfields/2002","display_name":"Economics and Econometrics"},"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":0.004600000102072954,"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/monetary-policy-shocks","display_name":"monetary policy shocks","score":0.9559999704360962},{"id":"https://openalex.org/keywords/bank-lending-channel","display_name":"bank lending channel","score":0.9829999804496765},{"id":"https://openalex.org/keywords/housing-market","display_name":"housing market","score":0.8849999904632568},{"id":"https://openalex.org/keywords/mortgage","display_name":"mortgage lending","score":0.7300000190734863},{"id":"https://openalex.org/keywords/uk-housing-sector","display_name":"UK housing sector","score":0.6679999828338623},{"id":"https://openalex.org/keywords/financial-crises","display_name":"financial crisis","score":0.6259999871253967},{"id":"https://openalex.org/keywords/markov-switching-vector-autoregression","display_name":"Markov-switching vector autoregression","score":0.777999997138977}],"concepts":[{"id":"https://openalex.org/C162324750","wikidata":"https://www.wikidata.org/wiki/Q8134","display_name":"Economics","level":0,"score":0.8139687776565552},{"id":"https://openalex.org/C126285488","wikidata":"https://www.wikidata.org/wiki/Q178476","display_name":"Monetary policy","level":2,"score":0.8062952756881714},{"id":"https://openalex.org/C83873408","wikidata":"https://www.wikidata.org/wiki/Q192311","display_name":"Business cycle","level":2,"score":0.6960563659667969},{"id":"https://openalex.org/C2781300812","wikidata":"https://www.wikidata.org/wiki/Q178061","display_name":"Shock (circulatory)","level":2,"score":0.6744241714477539},{"id":"https://openalex.org/C556758197","wikidata":"https://www.wikidata.org/wiki/Q580018","display_name":"Monetary economics","level":1,"score":0.659613311290741},{"id":"https://openalex.org/C195742910","wikidata":"https://www.wikidata.org/wiki/Q176494","display_name":"Recession","level":2,"score":0.592475950717926},{"id":"https://openalex.org/C72868586","wikidata":"https://www.wikidata.org/wiki/Q5599587","display_name":"Great Moderation","level":3,"score":0.45139002799987793},{"id":"https://openalex.org/C2778055162","wikidata":"https://www.wikidata.org/wiki/Q5449686","display_name":"Financial accelerator","level":4,"score":0.4490740895271301},{"id":"https://openalex.org/C2778222704","wikidata":"https://www.wikidata.org/wiki/Q1898150","display_name":"Taylor rule","level":4,"score":0.43987566232681274},{"id":"https://openalex.org/C133029050","wikidata":"https://www.wikidata.org/wiki/Q385593","display_name":"Vector autoregression","level":2,"score":0.42452800273895264},{"id":"https://openalex.org/C489367","wikidata":"https://www.wikidata.org/wiki/Q1962064","display_name":"Dynamic stochastic general equilibrium","level":3,"score":0.326320081949234},{"id":"https://openalex.org/C139719470","wikidata":"https://www.wikidata.org/wiki/Q39680","display_name":"Macroeconomics","level":1,"score":0.3018612563610077},{"id":"https://openalex.org/C2992735868","wikidata":"https://www.wikidata.org/wiki/Q66344","display_name":"Central bank","level":3,"score":0.23047679662704468},{"id":"https://openalex.org/C126322002","wikidata":"https://www.wikidata.org/wiki/Q11180","display_name":"Internal medicine","level":1,"score":0.0},{"id":"https://openalex.org/C71924100","wikidata":"https://www.wikidata.org/wiki/Q11190","display_name":"Medicine","level":0,"score":0.0}],"mesh":[],"locations_count":3,"locations":[{"id":"doi:10.1002/ijfe.2696","doi":"https://doi.org/10.1002/ijfe.2696","is_oa":true,"landing_page_url":"https://doi.org/10.1002/ijfe.2696","pdf_url":"https://onlinelibrary.wiley.com/doi/pdfdirect/10.1002/ijfe.2696","source":{"id":"https://openalex.org/S146099957","display_name":"International Journal of Finance & Economics","issn_l":"1076-9307","issn":["1076-9307","1099-1158"],"is_oa":false,"is_in_doaj":false,"is_core":true,"listed_in":["abdc-b","anvur-class-a","anvur-scientific","cwts-core","fnege-3","jufo-1","norway-1","poland-70","russia-white-list-2","vabb-shw"],"host_organization":"https://openalex.org/P4310320595","host_organization_name":"Wiley","host_organization_lineage":["https://openalex.org/P4310320595"],"host_organization_lineage_names":["Wiley"],"type":"journal"},"license":"cc-by","license_id":"https://openalex.org/licenses/cc-by","version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"International Journal of Finance &amp; Economics","raw_type":"journal-article"},{"id":"pmh:oai:eprints.soton.ac.uk:470181","doi":null,"is_oa":false,"landing_page_url":"https://eprints.soton.ac.uk/id/eprint/470181/1/Final_Revision.docx","pdf_url":null,"source":{"id":"https://openalex.org/S4306401019","display_name":"ePrints Soton (University of Southampton)","issn_l":null,"issn":null,"is_oa":false,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":"https://openalex.org/I43439940","host_organization_name":"University of Southampton","host_organization_lineage":["https://openalex.org/I43439940"],"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":"Article"},{"id":"pmh:oai:cronfa.swan.ac.uk:cronfa60856","doi":null,"is_oa":true,"landing_page_url":"https://cronfa.swan.ac.uk/Record/cronfa60856","pdf_url":null,"source":{"id":"https://openalex.org/S4306401612","display_name":"Cronfa (Swansea University)","issn_l":null,"issn":null,"is_oa":false,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":"https://openalex.org/I39586589","host_organization_name":"Swansea University","host_organization_lineage":["https://openalex.org/I39586589"],"host_organization_lineage_names":[],"type":"repository"},"license":"cc-by","license_id":"https://openalex.org/licenses/cc-by","version":"submittedVersion","is_accepted":false,"is_published":false,"raw_source_name":null,"raw_type":"Journal article"}],"best_oa_location":{"id":"doi:10.1002/ijfe.2696","doi":"https://doi.org/10.1002/ijfe.2696","is_oa":true,"landing_page_url":"https://doi.org/10.1002/ijfe.2696","pdf_url":"https://onlinelibrary.wiley.com/doi/pdfdirect/10.1002/ijfe.2696","source":{"id":"https://openalex.org/S146099957","display_name":"International Journal of Finance & Economics","issn_l":"1076-9307","issn":["1076-9307","1099-1158"],"is_oa":false,"is_in_doaj":false,"is_core":true,"listed_in":["abdc-b","anvur-class-a","anvur-scientific","cwts-core","fnege-3","jufo-1","norway-1","poland-70","russia-white-list-2","vabb-shw"],"host_organization":"https://openalex.org/P4310320595","host_organization_name":"Wiley","host_organization_lineage":["https://openalex.org/P4310320595"],"host_organization_lineage_names":["Wiley"],"type":"journal"},"license":"cc-by","license_id":"https://openalex.org/licenses/cc-by","version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"International Journal of Finance &amp; Economics","raw_type":"journal-article"},"sustainable_development_goals":[],"study_designs":[],"awards":[],"funders":[],"has_content":{"grobid_xml":true,"pdf":true},"content_urls":{"pdf":"https://content.openalex.org/works/W4295009345.pdf","grobid_xml":"https://content.openalex.org/works/W4295009345.grobid-xml"},"referenced_works_count":49,"referenced_works":["https://openalex.org/W247320350","https://openalex.org/W1492887676","https://openalex.org/W1507852741","https://openalex.org/W1541652582","https://openalex.org/W1557656806","https://openalex.org/W1577206715","https://openalex.org/W1587866707","https://openalex.org/W1594149577","https://openalex.org/W1805699599","https://openalex.org/W1958297937","https://openalex.org/W1968480873","https://openalex.org/W1969981733","https://openalex.org/W1982809111","https://openalex.org/W2004912460","https://openalex.org/W2025548740","https://openalex.org/W2044854865","https://openalex.org/W2052237872","https://openalex.org/W2066172351","https://openalex.org/W2074812030","https://openalex.org/W2082095532","https://openalex.org/W2094858492","https://openalex.org/W2132978003","https://openalex.org/W2134443358","https://openalex.org/W2146625812","https://openalex.org/W2157231604","https://openalex.org/W2276242991","https://openalex.org/W2532321653","https://openalex.org/W2547576510","https://openalex.org/W2785315371","https://openalex.org/W2786527637","https://openalex.org/W2800128908","https://openalex.org/W2802144357","https://openalex.org/W2944253923","https://openalex.org/W2963040107","https://openalex.org/W2989652028","https://openalex.org/W3121142277","https://openalex.org/W3122376305","https://openalex.org/W3122389628","https://openalex.org/W3122589741","https://openalex.org/W3123263726","https://openalex.org/W3123912342","https://openalex.org/W3124768302","https://openalex.org/W3124828917","https://openalex.org/W3125084922","https://openalex.org/W3125344117","https://openalex.org/W3125344876","https://openalex.org/W3125912523","https://openalex.org/W4236584637","https://openalex.org/W7067786031"],"related_works":["https://openalex.org/W3122307292","https://openalex.org/W2111861291","https://openalex.org/W2080178180","https://openalex.org/W7018683291","https://openalex.org/W3008208543","https://openalex.org/W7125894843","https://openalex.org/W2148976918","https://openalex.org/W7002223509","https://openalex.org/W7171698239","https://openalex.org/W2343766476"],"abstract_inverted_index":{"Abstract":[0],"Banks":[1],"play":[2],"a":[3,63,67,91,125,134,173],"defining":[4],"role":[5,26],"in":[6,15,32,43,138,148,176],"translating":[7,33],"monetary":[8,51,130,164],"policy":[9,52,131,149,165,177,189],"shocks":[10,166,190],"to":[11,161,185],"pull":[12],"or":[13,39],"push\u2010effects":[14],"the":[16,24,44,55,78,86,109,112,119,122,181],"housing":[17,45,64,88],"market.":[18,46],"The":[19],"literature":[20],"is":[21,116,158],"ambiguous":[22],"on":[23,144],"exact":[25],"of":[27,41,54,77,111,121],"bank":[28,113],"lending":[29,114,154],"channel":[30,115],"(BLC)":[31],"such":[34],"effects":[35],"into":[36],"either":[37],"moderation":[38],"acceleration":[40],"dynamics":[42],"This":[47],"paper":[48],"argues":[49],"that":[50,108,172],"shocks,":[53],"same":[56],"magnitude,":[57],"can":[58],"have":[59],"asymmetric":[60],"implications":[61],"for":[62,85],"market":[65],"via":[66],"state":[68,120],"dependent":[69],"BLC,":[70],"particularly":[71],"during":[72,167,191],"expansion":[73],"and":[74,96,155],"recessionary":[75],"phases":[76],"business":[79],"cycle.":[80],"We":[81],"test":[82],"this":[83],"hypothesis":[84],"UK":[87],"sector":[89],"using":[90],"long":[92],"quarterly":[93],"data":[94],"(1973Q1\u20102015Q4)":[95],"employing":[97],"Markov":[98],"Switching":[99],"Vector":[100],"Auto":[101],"Regression":[102],"(MSVAR)":[103],"models.":[104],"Our":[105],"results":[106],"show":[107,171],"magnitude":[110],"contingent":[117],"upon":[118],"economy,":[123],"with":[124],"one":[126],"standard":[127],"deviation":[128],"expansionary":[129,163,187],"shock":[132],"producing":[133],"significant":[135],"effect":[136],"only":[137],"normal":[139],"economic":[140],"times.":[141],"Further":[142],"study":[143],"whether":[145,156],"large":[146],"cuts":[147],"rates":[150],"could":[151],"stimulate":[152],"mortgage":[153],"there":[157],"impact":[159],"asymmetry":[160],"dissimilar":[162],"financial":[168],"crisis,":[169],"we":[170],"sharp":[174],"cut":[175],"rate":[178],"indeed":[179],"stimulates":[180],"BLC":[182],"greater":[183],"compared":[184],"smaller":[186],"money":[188],"recessions.":[192]},"counts_by_year":[{"year":2026,"cited_by_count":3},{"year":2024,"cited_by_count":4},{"year":2023,"cited_by_count":2}],"updated_date":"2026-11-07T11:25:07.637180","created_date":"2022-09-09T00:00:00"}
