G2TT
来源类型Working Paper
规范类型报告
DOI10.3386/w22021
来源IDWorking Paper 22021
Economic Policy Uncertainty and the Credit Channel: Aggregate and Bank Level U.S. Evidence over Several Decades
Michael D. Bordo; John V. Duca; Christoffer Koch
发表日期2016-02-29
出版年2016
语种英语
摘要Economic policy uncertainty affects decisions of households, businesses, policy makers and Financial intermediaries. We first examine the impact of economic policy uncertainty on aggregate bank credit growth. Then we analyze commercial bank entity level data to gauge the effects of policy uncertainty on Financial intermediaries' lending. We exploit the cross-sectional heterogeneity to back out indirect evidence of its effects on businesses and households. We ask (i) whether, conditional on standard macroeconomic controls, economic policy uncertainty affected bank level credit growth, and (ii) whether there is variation in the impact related to banks' balance sheet conditions; that is, whether the effects are attributable to loan demand or, if impact varies with bank level financial constraints, loan supply. We find that policy uncertainty has a significant negative effect on bank credit growth. Since this impact varies meaningfully with some bank characteristics – particularly the overall capital-to-assets ratio and bank asset liquidity–loan supply factors at least partially (and significantly) help determine the influence of policy uncertainty. Because other studies have found important macroeconomic effects of bank lending growth on the macroeconomy, our findings are consistent with the possibility that high economic policy uncertainty may have slowed the U.S. economic recovery from the Great Recession by restraining overall credit growth through the bank lending channel.
主题Macroeconomics ; Money and Interest Rates ; Monetary Policy ; Financial Economics ; Financial Institutions
URLhttps://www.nber.org/papers/w22021
来源智库National Bureau of Economic Research (United States)
引用统计
资源类型智库出版物
条目标识符http://119.78.100.153/handle/2XGU8XDN/579695
推荐引用方式
GB/T 7714
Michael D. Bordo,John V. Duca,Christoffer Koch. Economic Policy Uncertainty and the Credit Channel: Aggregate and Bank Level U.S. Evidence over Several Decades. 2016.
条目包含的文件
文件名称/大小 资源类型 版本类型 开放类型 使用许可
w22021.pdf(453KB)智库出版物 限制开放CC BY-NC-SA浏览
个性服务
推荐该条目
保存到收藏夹
导出为Endnote文件
谷歌学术
谷歌学术中相似的文章
[Michael D. Bordo]的文章
[John V. Duca]的文章
[Christoffer Koch]的文章
百度学术
百度学术中相似的文章
[Michael D. Bordo]的文章
[John V. Duca]的文章
[Christoffer Koch]的文章
必应学术
必应学术中相似的文章
[Michael D. Bordo]的文章
[John V. Duca]的文章
[Christoffer Koch]的文章
相关权益政策
暂无数据
收藏/分享
文件名: w22021.pdf
格式: Adobe PDF
此文件暂不支持浏览

除非特别说明,本系统中所有内容都受版权保护,并保留所有权利。