Changes in bank lending standards and the macroeconomy

• 成果类型: Article
• 署名作者: Bassett, William F.; Chosak, Mary Beth; Driscoll, John C.; Zakrajsek, Egon
• 署名单位: Federal Reserve System - USA; Federal Reserve System Board of Governors
• 刊物名称: JOURNAL OF MONETARY ECONOMICS
• ISSN/ISSBN: 0304-3932
• DOI: 10.1016/j.jmoneco.2013.12.005
• 发表日期: 2014
• 页码: 23-40
• 关键词: Credit supply disruptions; Bank lending policies; Credit crunch

摘要

Identifying macroeconomic effects of credit shocks is difficult because many of the same factors that influence the supply of loans also affect the demand for credit. Using bank-level responses to the Federal Reserve's Loan Officer Opinion Survey, we construct a new credit supply indicator: changes in lending standards, adjusted for the macroeconomic and bank-specific factors that also affect loan demand. Tightening shocks to this credit supply indicator lead to a substantial decline in output and the capacity of businesses and households to borrow from banks, as well as to a widening of credit spreads and an easing of monetary policy. Published by Elsevier B.V.