全球智库信息集成服务系统(G2TT): DP14989 Nonbanks, Banks, and Monetary Policy: U.S. Loan-Level Evidence since the 1990s

G2TT

来源类型	Discussion paper
规范类型	论文
来源ID	DP14989
	DP14989 Nonbanks, Banks, and Monetary Policy: U.S. Loan-Level Evidence since the 1990s
	José-Luis Peydró; David Elliott; Ralf Meisenzahl; Bryce C. Turner
发表日期	2020-07-03
出版年	2020
语种	英语
摘要	We show that nonbanks (funds, shadow banks, fintech) affect the transmission of monetary policy to output, prices and the distribution of risk via credit supply. For identification, we exploit exhaustive US loan-level data since the 1990s, borrower-lender relationships and Gertler-Karadi monetary policy shocks. Higher policy rates shift credit supply from banks to nonbanks, thereby largely neutralizing associated consumption effects (via consumer loans), while just attenuating firm investment and house price spillovers (via corporate loans and mortgages). Moreover, different from the risk-taking channel, higher policy rates increase risk-taking, as less-regulated, more fragile nonbanks -in all credit markets- expand supply, especially to riskier borrowers.
主题	Monetary Economics and Fluctuations
关键词	Nonbank intermediaries Banks Monetary policy transmission Household and corporate loans Credit and risk-taking channel
URL	https://cepr.org/publications/dp14989-0
来源智库	Centre for Economic Policy Research (United Kingdom)
资源类型	智库出版物
条目标识符	http://119.78.100.153/handle/2XGU8XDN/543936
推荐引用方式 GB/T 7714	José-Luis Peydró,David Elliott,Ralf Meisenzahl,et al. DP14989 Nonbanks, Banks, and Monetary Policy: U.S. Loan-Level Evidence since the 1990s. 2020.