Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/216571 
Year of Publication: 
2020
Series/Report no.: 
CESifo Working Paper No. 8175
Publisher: 
Center for Economic Studies and ifo Institute (CESifo), Munich
Abstract: 
We study loans from banking and non-banking lenders to different groups of borrowers in order to unveil significant differences on how those respond to a shock and evaluate possible alternative explanations for such differences. The objective is to gain insights useful to explain the loan puzzle: the unexpected increase of loans to firms in case of a monetary tightening. The analysis is based on a vector autoregression, estimated using Bayesian techniques, and has as object the US economy.
Subjects: 
loan puzzle
households
corporate businesses
non-corporate businesses
VAR
Bayesian estimation
JEL: 
E44
E51
G20
G21
C11
Document Type: 
Working Paper
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