| Description |
1 online resource (38 pages) : color illustrations |
| Series |
IMF working paper ; WP/13/118 |
|
IMF working paper ; WP/13/118.
|
| Contents |
Cover; Abstract; Contents; I. Introduction; II. Bank Lending and Monetary Policy; A. Lending Responses to Endogenous Monetary Policy Changes; B. Policy Endogeneity and Bank Characteristics; III. Econometric Methodology; A. Monetary Policy Identification; TABLES; 1. Policy Identification Regression; B. Regression Specification; FIGURES; 1. Endogenous and Exogenous Monetary Policy Shocks; C. Data; 2. Macroeconomic Controls During the Sample; 3. Imperfectly Measured Variables Prior to 1975; 4. Assumptions Regarding Timing; 5. Assumptions Regarding Interpolation; 2. Bank Level Summary Statistics |
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IV. Empirical Results3. Comparison of Dynamic Lending Response of a Representative Bank; A. Effects of Bank Size and Holding Company Status; 4. Heterogeneity in Lending Responses due to Bank Characteristics; B. Effects of Balance Sheet Composition; C. Stability of the Baseline Results; 5. Bank Holding Company Lending Responses; V. Robustness; 6. Robustness Checks; VI. Conclusion; References |
| Summary |
We present new evidence on how heterogeneity in banks interacts with monetary policy changes to impact bank lending. Using an exogenous policy measure identified from narratives on FOMC intentions and real-time economic forecasts, we find much greater heterogeneity in U.S. bank lending responses than that found in previous research based on realized federal funds rate changes. Our findings suggest that studies using realized monetary policy changes confound the monetary policy's effects with those of changes in expected macrofundamentals. We also extend Romer and Romer (2004)'s identification scheme, and expand the time and balance sheet coverage of the U.S. banking sample |
| Bibliography |
Includes bibliographical references (pages 36-38) |
| Notes |
Print version record |
| Subject |
Bank loans.
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Monetary policy.
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Bank loans
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Monetary policy
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| Form |
Electronic book
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| Author |
Bowdler, Christopher, author.
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Koch, Christoffer, author.
|
| ISBN |
1299677983 |
|
9781299677982 |
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9781484356760 |
|
1484356764 |
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9781484397152 |
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1484397150 |
|
