New Evidence on the Lending Channel
研究发现，在金融受限银行市场份额更高的州，贷款对货币政策的反应更强，但产出反应差异很小，说明贷款渠道对货币政策传导作用不大。
The response of aggregate lending to monetary policy is stronger in state banking markets where financially constrained banks have more market share. On the other hand, there is little difference in the response of state output across the market share financially constrained banks, implying that the aggregate elasticity of output to bank lending is very small, if not zero. I conclude that while small firms might view bank loans as special, they are not special enough for the lending channel to be an important part of how monetary policy works.