The bank lending channel of monetary policy: identification and estimation using Portuguese micro bank data

γ₀- β₀

^μo о ;

β3 -γ3

β1

β3 -γ3
(+)

(A1.7)

_δ γ₀β₃-β₀γ₃
0^{=                  ;}

β₃ -γ₃

₌ β3γ1 _;
β₃ -γ₃

(+)

δ₂ =- ^β1γ3

²   β₃ -γ₃

(+)

(A1.8)

_δ    β₂γ₃

δ₃ =-       ;

β₃ -γ₃

Similarly, from (A1.3)
market:

l_t = φ о+Ψι ln( D / P ) t⁺φ 2 lⁿ( D / P ) tzit⁺ φ 3 lⁿ y_t⁺φ ∏t⁺⁽a it

(-)

(+)

(+)

(?)     (+)

(A1.9)

^ln(C/ P)t = Ρ0⁺ Pi ^ln(D/ P)t⁺ Ρ2 ^ln(D / P)tzit ⁺ Ρ3^lny_t ⁺ P4^πt ⁺ P5it

(+)

(-)

(+)     (-)   (?)

(A1.10)

where

α₀-λ₀

Ψ 0    ^         ;

λ₃ -α₃

(A1.11)

α₄- λ₄

<P 5 =

λ₃- α₃

(+)

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