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What is the Impact of a Major Unconventional Monetary Policy Intervention?

Carlo Alcaraz et al.

Journal of the European Economic Association2026https://doi.org/10.1093/jeea/jvag015article
AJG 4ABDC A*
Weight
0.50

Abstract

How does the credible announcement of an unconventional monetary policy intervention affect bank lending standards during crises? We use a major central bank announcement, the “whatever it takes” speech of the European Central Bank President that boosted the capital of banks, as a natural experiment. We compare changes in lending standards of subsidiaries of euro area versus other banks in a third country, Mexico. The speech reversed a prior trend of euro area banks augmenting their risk-taking via loan growth, lending rates, and credit risk. Our findings show that policies that amount to capitalization can reduce risk-taking in times of stress, adding a new dimension to the bank capital channel. (JEL: E51; G21; F34)

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https://doi.org/https://doi.org/10.1093/jeea/jvag015

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@article{carlo2026,
  title        = {{What is the Impact of a Major Unconventional Monetary Policy Intervention?}},
  author       = {Carlo Alcaraz et al.},
  journal      = {Journal of the European Economic Association},
  year         = {2026},
  doi          = {https://doi.org/https://doi.org/10.1093/jeea/jvag015},
}

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What is the Impact of a Major Unconventional Monetary Policy Intervention?

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Evidence weight

0.50

Balanced mode · F 0.40 / M 0.15 / V 0.05 / R 0.40

F · citation impact0.50 × 0.4 = 0.20
M · momentum0.50 × 0.15 = 0.07
V · venue signal0.50 × 0.05 = 0.03
R · text relevance †0.50 × 0.4 = 0.20

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