The Loan Puzzle. A Study of Loans to Different Groups in the USA

Gianluca Cafiso

No 8175, CESifo Working Paper Series from CESifo

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.

Keywords: loan puzzle; households; corporate businesses; non-corporate businesses; VAR; Bayesian estimation (search for similar items in EconPapers)
JEL-codes: C11 E44 E51 G20 G21 (search for similar items in EconPapers)
Date: 2020
New Economics Papers: this item is included in nep-ban, nep-mac and nep-mon
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Citations: View citations in EconPapers (2)

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Persistent link: https://EconPapers.repec.org/RePEc:ces:ceswps:_8175

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