000084177 001__ 84177 000084177 005__ 20201009175923.0 000084177 0247_ $$2doi$$a10.1504/IJMEF.2018.10008378 000084177 0248_ $$2sideral$$a99607 000084177 037__ $$aART-2018-99607 000084177 041__ $$aeng 000084177 100__ $$0(orcid)0000-0002-0437-7812$$aOlmo, José 000084177 245__ $$aUnconventional monetary policies and the credit market 000084177 260__ $$c2018 000084177 5060_ $$aAccess copy available to the general public$$fUnrestricted 000084177 5203_ $$aWe propose a theoretical model based on the bank lending channel to assess the ability of lending facilities and swap programs to affect the credit interest rate. The model predicts the success of both unconventional monetary measures in reducing the credit interest rate under very general conditions. The comparison between measures reveals the outperformance of lending facilities over swap programs if i) the risk premium on the interbank money market is sizeable and the yield on government bonds is low, ii) the share of bank lending obtained from the central bank is below some specific threshold, iii) the interest rate offered by the central bank on excess reserves is high, and iv) the default rate on loans is high. The quantitative assessment of the model with real data confirms the appropriate response of the Federal Reserve in recent crisis episodes but sheds some doubts on the European Central Bank intervention. 000084177 536__ $$9info:eu-repo/grantAgreement/ES/DGA/S16-ADETRE$$9info:eu-repo/grantAgreement/ES/MICINN/ECO2011-22650 000084177 540__ $$9info:eu-repo/semantics/openAccess$$aAll rights reserved$$uhttp://www.europeana.eu/rights/rr-f/ 000084177 592__ $$a0.318$$b2018 000084177 593__ $$aFinance$$c2018$$dQ3 000084177 593__ $$aEconomics and Econometrics$$c2018$$dQ3 000084177 655_4 $$ainfo:eu-repo/semantics/article$$vinfo:eu-repo/semantics/acceptedVersion 000084177 700__ $$0(orcid)0000-0002-5926-2166$$aSanso-Navarro, Marcos$$uUniversidad de Zaragoza 000084177 7102_ $$14000$$2415$$aUniversidad de Zaragoza$$bDpto. Análisis Económico$$cÁrea Fund. Análisis Económico 000084177 773__ $$g11, 5 (2018), 480-498$$pInt. j. monet. econ. financ.$$tInternational journal of monetary economics and finance$$x1752-0479 000084177 8564_ $$s534983$$uhttps://zaguan.unizar.es/record/84177/files/texto_completo.pdf$$yPostprint 000084177 8564_ $$s43559$$uhttps://zaguan.unizar.es/record/84177/files/texto_completo.jpg?subformat=icon$$xicon$$yPostprint 000084177 909CO $$ooai:zaguan.unizar.es:84177$$particulos$$pdriver 000084177 951__ $$a2020-10-09-17:46:36 000084177 980__ $$aARTICLE