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Zonder onderwerpscode: financiewezen

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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.

Bank loans. --- Monetary policy. --- Monetary management --- Economic policy --- Currency boards --- Money supply --- Bank credit --- Loans --- Accounting --- Banks and Banking --- Money and Monetary Policy --- Industries: Financial Services --- Inflation --- Financial Markets and the Macroeconomy --- Monetary Policy, Central Banking, and the Supply of Money and Credit: General --- Banks --- Depository Institutions --- Micro Finance Institutions --- Mortgages --- Public Administration --- Public Sector Accounting and Audits --- Price Level --- Deflation --- Banking --- Monetary economics --- Finance --- Financial reporting, financial statements --- Macroeconomics --- Financial statements --- Monetary aggregates --- Money --- Financial institutions --- Public financial management (PFM) --- Prices --- Banks and banking --- Credit --- Finance, Public --- United States