Economic policy uncertainty and the credit channel: Aggregate and bank level U.S. evidence over several decades
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- 作者：Michael D. Bordoa ; bordo@econ.rutgers.edu" class="auth_mail" title="E-mail the corresponding author ; John V. Ducab ; john.v.duca@dal.frb.org" class="auth_mail" title="E-mail the corresponding author ; Christoffer Kochc ; christoffer.koch@dal.frb.org" class="auth_mail" title="E-mail the corresponding author
- 关键词：E40 ; E50 ; G21
- 刊名：Journal of Financial Stability
- 出版年：2016
- 出版时间：October 2016
- 年：2016
- 卷：26
- 期：Complete
- 页码：90-106
- 全文大小：1916 K
文摘
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Economic policy uncertainty (EPU) slowed total and C&I U.S. bank loan growth.
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High EPU cut annualized loan growth by 2.5% on average from 2007 to 2013.
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Tighter credit standards due to high EPU cut GDP by 0.5 p.p. from 2007 to 2013.
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EPU effects more pronounced at larger, lower capitalized, and less liquid banks.
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Results are robust to using macroeconomic uncertainty and several EPU indexes.