Gross Loan Flows
研究发现净贷款变化掩盖了规模更大、波动更剧烈的总贷款流量，并揭示了总贷款流量在时间、银行规模和商业周期上的典型特征，以及其对货币政策的响应。
Changes in net lending hide the much larger and more variable gross lending flows. We present a series of stylized facts about gross loan flows and how they vary over time, bank size, and the business cycle. We look at both the intensive (increases and decreases) and extensive (entry and exits) margins. In contrast to the standard result with net lending, gross lending quantities respond to monetary policy.