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Changes in Bank Lending Standards and the Macroeconomy
2012
Social Science Research Network
Identifying macroeconomic effects of credit shocks is difficult because many of the same factors that influence the supply of loans also affect the demand for credit. Using bank-level responses to the Federal Reserve's Loan Officer Opinion Survey, we construct a new credit supply indicator: changes in lending standards, adjusted for the macroeconomic and bank-specific factors that also affect loan demand. Tightening shocks to this credit supply indicator lead to a substantial decline in output
doi:10.2139/ssrn.2055221
fatcat:4skf7luwardgjpvb5cqotuqr6u