Unconventional Monetary Policy Transmission and Bank Lending Relationships

The authors thank David Sraer, the editor, and the anonymous associate editor and referees; and Carlos Avenancio-Leon, Tobias Berg, Nittai Bergman, Murillo Campello, Claire Celerier, Frederico Cingano, Francesco D’Acunto, Hans Degryse, Michael Faulkender, Laurent Fresard, Florian Heider, Raj Iyer, Stephen Karolyi, Stephan Luck, Jose-Luis Peydro, N. Prabhala, Shrihari Santosh, Antoinette Schoar, David Thesmar, Rick Townsend, Steven Ongena, Guillaume Vuillemey, Ting Xu, and participants at the Maryland Finance brownbag, 1st BdF-BdI Workshop on Corporate Finance, FDIC 17th Bank Research Conference, ECB nonstandard Monetary Policy Workshop, JFI-Olin Conference, USC Finance, Colorado Finance Summit, MFA, Swiss Winter Conference on Financial Intermediation, SFS Cavalcade, FIRS, WFA, and the Wharton Liquidity Conference. The views in this paper may not reflect those of the Banque de France or the Eurosystem.