Changes in bank lending standards and the macroeconomy |
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| Institution: | 1. Division of Monetary Affairs, Federal Reserve Board, Washington, DC 20551, USA;2. 4987 Preakness Place, Bethlehem, PA 18020, USA;1. Harvard University, USA;2. Bank of International Settlements, Switzerland;3. INSEAD, France;1. London Business School, Regent?s Park, London NW1 4SA, United Kingdom;2. Department of Economics, University of Leicester, Leicester LE1 7RH, United Kingdom;1. Department of Economics, University of Missouri, 118 Professional Building, Columbia, MO 65211, USA;2. School of Business Administration, Kyungpook National University, South Korea;1. Federal Reserve Bank of Chicago, United States;2. National Bureau of Economic Research, United States |
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| Abstract: | 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. |
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| Keywords: | Credit supply disruptions Bank lending policies Credit crunch |
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