Access to credit in France: intensive and extensive margins of monetary policy

The aim of this paper is to test how the European Central Bank's conventional and non-conventional monetary policies work in the credit channel, focusing on loans to households. What is the impact of monetary policy on access to credit, differentiating between intensive and extensive margins and taking regional heterogeneity into account? A monetary stimulus policy may boost the level of credit provided to households that are globally considered solvent (i.e. intensive margin) and/or facilitate a new category with fewer resources to obtain credit (i.e. extensive margin).