---
title: Lighting the shadows: central bank policy transmission through banks and non-banks
url: https://www.ml-quant.com/papers/repec/boe-boeewp-023907/
site: ML-Quant (https://www.ml-quant.com)
updated: 2026-11-14
license: Summaries CC BY 4.0; links go to the original sources
index: https://www.ml-quant.com/llms.txt
identifier: RePEc:boe:boeewp:023907
source_url: https://econpapers.repec.org/RePEc:boe:boeewp:023907
featured: 2026-11-13
citations: unknown
topic: Risk, Credit & Banking
---


# Lighting the shadows: central bank policy transmission through banks and non-banks

A DSGE model reveals that interest-rate policy transmission to output remains robust as non-bank finance grows, but quantitative easing effectiveness depends critically on non-bank sector composition.

- Source: https://econpapers.repec.org/RePEc:boe:boeewp:023907
- Identifier: RePEc:boe:boeewp:023907
- Released: 2026-11-09
- First featured: Quant Letter No. 139 (2026-11-13): https://www.ml-quant.com/issues/2026-11-13/
- Citations (Semantic Scholar): not tracked
- Published in: not yet
- Topic: Risk, Credit & Banking
- Authors: Nicolò Bandera, Kristina Bluwstein, Michael Kumhof, Mauricio Salgado-Moreno, Jacob Stevens

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