Similarly, even with the strong sales of light motor vehicles and other consumer durables last year, capacity utilization in these industries for the most part has remained at moderate levels, which suggests that the additional production induced by the monetary stimulus has occurred without 3 important and costly new investment in production capacity.
ECB, “Survey on the access to finance of small and medium-sized enterprises in the euro area,” November 2012, and Rodano, G., N. Serrano-Velarde and G. Tarantino, “Lending standards over the credit cycle,” The Review of Financial Studies, 31 (2018), 2943–2982.