欧洲央行-通过交叉销售银行传递货币政策（英）

Working Paper Series Monetary policy transmission through cross-selling banks Christoph Basten, Ragnar Juelsrud Disclaimer: This paper should not be reported as representing the views of the European Central Bank (ECB). The views expressed are those of the authors and do not necessarily reflect those of the ECB. No 3072 Challenges for Monetary Policy Transmission in a Changing World Network (ChaMP) This paper contains research conducted within the network “Challenges for Monetary Policy Transmission in a Changing World Network” (ChaMP). It consists of economists from the European Central Bank (ECB) and the national central banks (NCBs) of the European System of Central Banks (ESCB). ChaMP is coordinated by a team chaired by Philipp Hartmann (ECB), and consisting of Diana Bonfim (Banco de Portugal), Margherita Bottero (Banca d’Italia), Emmanuel Dhyne (Nationale Bank van België/Banque Nationale de Belgique) and Maria T. Valderrama (Oesterreichische Nationalbank), who are supported by Melina Papoutsi and Gonzalo Paz-Pardo (both ECB), 7 central bank advisers and 8 academic consultants. ChaMP seeks to revisit our knowledge of monetary transmission channels in the euro area in the context of unprecedented shocks, multiple ongoing structural changes and the extension of the monetary policy toolkit over the last decade and a half as well as the recent steep inflation wave and its reversal. More information is provided on its website. ECB Working Paper Series No 30721We show theoretically how the anticipated cross-selling of loansincentivizes banks to offer lower deposit spreads to attract and retaindepositors, more when policy rates are lower and future cross-selling is morevaluable. Utilizing comprehensive data on every Norwegian bank householdrelationship, we then establish empirically how banks facing identical loandemand respond to policy rate cuts with greater deposit spread reductions forclients with higher cross-selling potential, thereby raising both deposit and loangrowth. Cross-selling constitutes a complementary, novel channel for monetarypolicy transmission through banks, elucidates loss-making deposit pricing inlow-rate periods, and connects banks’ deposit and loan franchises.Keywords: monetary policy transmission, deposits channel of monetarypolicy, cross-selling, multi-product banking, bank franchiseJEL Classification: D14, D43, E52, G21, G51ECB Working Paper Series No 30722Non-Technical Summary To achieve their mandate of consumer price stability, central banks typically respond to inflation above (below) their target by raising (reducing) monetary policy rates and so the interest rates at which banks can borrow from or lend to other banks or the central bank. To the extent to which this change in interbank rates is then passed through to the deposit and loan rates and volumes between banks and their clients, it may affect consumption and investment in the real economy and thereby consumer prices. More specifically, when central ban