Nonbanks, banks, and monetary policy: U.S. loan-level evidence since the 1990s
Mostra el registre complet Registre parcial de l'ítem
- dc.contributor.author Elliott, David, 1947-
- dc.contributor.author Meisenzahl, Ralf R.
- dc.contributor.author Peydró, José-Luis
- dc.contributor.author Turner, Bryce C.
- dc.contributor.other Universitat Pompeu Fabra. Departament d'Economia i Empresa
- dc.date.accessioned 2020-05-25T09:26:55Z
- dc.date.available 2020-05-25T09:26:55Z
- dc.date.issued 2019-11-29
- dc.date.modified 2020-05-25T09:26:10Z
- dc.description.abstract We show that credit supply effects and associated real effects of monetary policy depend on the size of nonbank presence in the respective lending market. Nonbank presence also alters how monetary policy affects the distribution of risk. For identification, we use exhaustive loan-level data since the 1990s and Gertler-Karadi (2015) monetary policy shocks. First, different from the literature showing that low monetary policy rates increase credit supply and risk-taking by banks, we find that higher monetary policy rates shifts credit supply for corporates, mortgages, and consumers shifts from regulated banks to less regulated, more fragile nonbanks. Moreover, this shift is more pronounced for ex-ante riskier borrowers. Second, nonbanks reduce the effectiveness of the bank lending channel of monetary policy at the loan-level. However, this reduction varies substantially across lending markets. Total credit and real effects are largely neutralized in consumer loans and the associated consumption, but not in corporate loans and investment.
- dc.format.mimetype application/pdf*
- dc.identifier https://econ-papers.upf.edu/ca/paper.php?id=1679
- dc.identifier.citation
- dc.identifier.uri http://hdl.handle.net/10230/44719
- dc.language.iso eng
- dc.relation.ispartofseries Economics and Business Working Papers Series; 1679
- dc.rights L'accés als continguts d'aquest document queda condicionat a l'acceptació de les condicions d'ús establertes per la següent llicència Creative Commons
- dc.rights.accessRights info:eu-repo/semantics/openAccess
- dc.rights.uri http://creativecommons.org/licenses/by-nc-nd/3.0/es/
- dc.subject.keyword negative rates
- dc.subject.keyword non-standard monetary policy
- dc.subject.keyword reach-for-yield
- dc.subject.keyword securities
- dc.subject.keyword banks.
- dc.subject.keyword Macroeconomics and International Economics
- dc.title Nonbanks, banks, and monetary policy: U.S. loan-level evidence since the 1990s
- dc.title.alternative
- dc.type info:eu-repo/semantics/workingPaper