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dc.contributor.authorDelatte, Anne-Laure-
dc.contributor.authorGarg, Pranav-
dc.contributor.authorImbs, Jean-
dc.date.accessioned2024-11-12T05:34:55Z-
dc.date.available2024-11-12T05:34:55Z-
dc.date.issued2024-09-10-
dc.identifier.citationDelatte, A.-L., Garg, P., & Imbs, J. (2024). The bank lending channel of monetary policy has real effects. NYUAD Division of Social Science Working Paper, #0103.en
dc.identifier.urihttp://hdl.handle.net/2451/74657-
dc.description.abstractUsing a unique identification methodology, we provide evidence that easing collateral requirements has economy-wide causal effects on firms’ real outcomes, through increased credit. These effects extend beyond firms with newly eligible collateral because the credit expansion benefits all firms. We categorize banks based on their pre-reform loan portfolios, allowing us to compare banks with varying exposures to the change in collateral constraints but otherwise similar loan portfolios. We introduce a bank-level metric for firms’ real outcomes, calculated as a loan-weighted average across borrowers, which enables us to use the same identification for both credit and real effects. The effects on credit and on firms’ investment, productivity, and dividends are large.en
dc.language.isoenen
dc.relation.ispartofseriesNYUAD Division of Social Science Working Papers;#0103-
dc.subjectBank lending channelen
dc.subjectCollateral constraintsen
dc.subjectCredit supplyen
dc.subjectReal effects of monetary policyen
dc.titleThe bank lending channel of monetary policy has real effectsen
dc.typeWorking Paperen
Appears in Collections:Social Science Working Papers

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