Credit Supply and Monetary Policy: Identifying the Bank Balance-Sheet Channel with Loan Applications
利用西班牙贷款申请数据，研究发现紧缩货币政策和经济恶化显著降低贷款发放，尤其是资本或流动性比率较低的银行，且企业无法通过转向其他银行来弥补信贷限制。
We 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.