Credit Supply and Demand in Unconventional Times
利用欧元区银行特有的调查数据，研究发现货币政策冲击后，银行实力不仅影响信贷供给，也影响信贷需求；企业选择贷款行时会考虑银行韧性，因此在识别信贷供给冲击时必须控制银行特定需求。
Abstract Do borrowers demand less credit from banks with weak balance sheets, following monetary policy shocks? To answer this, we use novel bank‐specific survey data matched with balance sheet information for euro area banks. We find that, following a monetary policy shock, bank strength influences credit demand as well as credit supply. Bank resilience is important for firms when selecting a lender and it is therefore vital to control for bank‐specific demand when identifying credit supply shocks. An application using bank‐specific demand shows that—even after fully controlling for demand, borrower quality, and bank strength—unconventional monetary policies stimulate loan supply.