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1、WorkingPaPerSerieSno1233/auguSt2010BankheterogeneityandmonetaryPolicytranSmiSSionbySophoclesN.BrissimisandManthosD.DelisWORKINGPAPERSERIESNO1233/AUGUST2010BANKHETEROGENEITYANDMONETARYPOLICYTRANSMISSION1bySophoclesN.Brissimis2andManthosD.Delis3NOTE:ThisWorki
2、ngPapershouldnotbereportedasrepresentingtheviewsoftheEuropeanCentralBank(ECB).TheviewsexpressedarethoseoftheauthorsanddonotnecessarilyreflectthoseoftheECB.In2010allECBpublicationsfeatureamotiftakenfromthe€500banknote.Thispapercanbedownloadedwithoutchargefro
3、mhttp://www.ecb.europa.euorfromtheSocialScienceResearchNetworkelectroniclibraryathttp://ssrn.com/abstract_id=1457661.1Acknowledgements:Forhelpfulcommentsandsuggestions,theauthorsaregratefultoEfthymiosTsionas,HeatherGibson,participantsoftheEuropeanCentralBan
4、kworkshopentitled“Monetarypolicytransmissionmechanismintheeuroareainitsfirst10years”(heldinFrankfurton28-29September,2009)andtheEditorialBoardoftheECBWorkingPaperSeries.2Correspondingauthor:BankofGreece,EconomicResearchDepartment,21E.VenizelosAvenue,Athens1
5、0250,GreeceandDepartmentofEconomics,UniversityofPiraeus,80KaraoliandDimitriouStreet,Piraeus18534,Greece;e-mail:sbrissimis@bankofgreece.gr3UniversityofIoannina,DepartmentofEconomics,Ioannina45110,Greece;e-mail:delis@aueb.gr©EuropeanCentralBank,2010AddressKai
6、serstrasse2960311FrankfurtamMain,GermanyPostaladdressPostfach16031960066FrankfurtamMain,GermanyTelephone+496913440Internethttp://www.ecb.europa.euFax+496913446000Allrightsreserved.Anyreproduction,publicationandreprintintheformofadifferentpublication,whether
7、printedorproducedelectronically,inwholeorinpart,ispermittedonlywiththeexplicitwrittenauthorisationoftheECBortheauthors.InformationonallofthepaperspublishedintheECBWorkingPaperSeriescanbefoundontheECB’swebsite,http://www.ecb.europa.eu/pub/scientific/wps/date
8、/html/index.en.htmlISSN1725-2806(online)CONTENTSAbstract4Non-technicalsummary51Introduction72Theoreticalconsiderations102.1Channelsofmonetarypolicytransmissionthroughbanks112.2Distributionaleffectsofmo
