The Zombie Lending Channel of Monetary Policy

The authors thank the department editor, Tomasz Piskorski, one anonymous associate editor, and three anonymous referees, whose suggestions and comments improved this paper substantially. The authors also thank Martin Čihák, Olivier De Jonghe, Thomas Drechsel, Philipp Engler, Miguel Faria-e-Castro, Mai Hakamada, Martin Iseringhausen, Şebnem Kalemli-Özcan, Angela Maddaloni (discussant), Cecilia Melo Fernandes, Klaas Mulier, Enrico Sette (discussant), Fabián Valencia, Joris Wauters, and participants at several seminars and conferences for their suggestions and comments, including the Banco de México 5th Biennial Conference on Financial Stability, the Inaugural Conference of the ESCB Research Network on Monetary Transmission (“ChaMP”), the IBEFA Summer Meeting at the 2024 WEAI Conference, the ECB Conference on Financial Stability and Macroprudential Policy 2024, the 2025 ASSA Annual Meeting, and the National Bank of Belgium Macroeconomic seminar. The views in this paper represent only the authors’ own and should therefore not be reported as representing the views of the World Bank, the International Monetary Fund, its Executive Board, or IMF management.