Business Loans and the Transmission of Monetary Policy
研究了货币政策通过商业贷款的传导机制，发现紧缩政策下商业贷款反常增加主要由大银行现有承诺的提款驱动，而银行通过缩短新贷款期限来收紧信贷；金融危机后该机制发生显著变化。
We study the transmission mechanism of monetary policy through business loans and illustrate subtle aspects of its functioning that relate to the contractual characteristics and the borrower–lender types of loans. We show that the puzzling increase in business loans in response to monetary tightening, documented before the Great Recession, is largely driven by drawdowns from existing commitments at large banks. Spot loans also rise and take a considerable amount of time to adjust. Banks, nonetheless, do curtail credit supply by shortening maturities of new loans. Following the Great Recession, the mechanism has worked differently, with loan responses to monetary tightening displaying a significant downward shift.