The Bank Lending Channel and Lunar Phases: Evidence from a Panel of European Banks

22 Pages Posted: 7 Mar 2011

See all articles by Nicholas Apergis

Nicholas Apergis

University of Piraeus; University of Derby

Alexandros Gabrielsen

Credit Suisse AG

Date Written: February 1, 2011

Abstract

While many studies have demonstrated the impact of weather conditions along with lunar phases on stock markets, this paper explores the impact of lunar phases on the bank lending channel for a sample of European banks, using the GMM estimator methodology, suggested in Arellano and Bond (1991), spanning the period 1994-2010. The results indicate that lunar phases have a statistically significant effect on the size of this type of monetary policy transmission mechanism, which is also dependent on the size of banking institutions.

Keywords: Lunar phases, bank lending channel, European banks, GMM methodology

JEL Classification: G21, C33, E52

Suggested Citation

Apergis, Nicholas and Gabrielsen, Alexandros, The Bank Lending Channel and Lunar Phases: Evidence from a Panel of European Banks (February 1, 2011). Available at SSRN: https://ssrn.com/abstract=1780005 or http://dx.doi.org/10.2139/ssrn.1780005

Nicholas Apergis (Contact Author)

University of Piraeus ( email )

Karaoli and Dimitriou 80
80 KARAOLI & DIMITRIOU STREET
Piraeus, Attiki 18534
Greece

University of Derby ( email )

Kedleston Road
Derby, Derbyshire DE22 1GB
United Kingdom

Alexandros Gabrielsen

Credit Suisse AG ( email )

Giesshübelstrasse 40
Zurich, 8002
Switzerland

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