Jimenez, GabrielOngena, StevenPeydró, José-LuisSaurina, JesúsUniversitat Pompeu Fabra. Departament d'Economia i Empresa2020-05-252020-05-252010-09-01American Economic Review, 102 (5), 2012, 2301-2326http://hdl.handle.net/10230/44791We analyze the impact of monetary policy on the supply of bank credit. Monetary policy affects both loan supply and demand, thus making identification a steep challenge. We therefore analyze a novel, supervisory dataset with loan applications from Spain. Accounting for time-varying firm heterogeneity in loan demand, we find that tighter monetary and worse economic conditions substantially reduce loan granting, especially from banks with lower capital or liquidity ratios; responding to applications for the same loan, weak banks are less likely to grant the loan. Finally, firms cannot offset the resultant credit restriction by applying to other banks.application/pdfengL'accés als continguts d'aquest document queda condicionat a l'acceptació de les condicions d'ús establertes per la següent llicència Creative Commons