Getting More from the Senior Loan Officer Opinion Survey?
Donald P. Morgan and
No 20170222, Liberty Street Economics from Federal Reserve Bank of New York
Every quarter, senior loan officers at selected large banks around the United States are asked by Fed economists how their standards for approving business loans changed compared with the quarter before. Of all the questions in the Senior Loan Officer Opinion Survey (SLOOS), responses to that question about standards usually attract the most attention from the financial press and researchers. Relatively ignored by comparison are loan officers? reports on how they changed interest spreads, collateral requirements, and other terms on loans they are willing to approve. Lenders can clearly expand or contract credit by altering those terms even without changing their standards for approving loans, so we investigate whether the reports on loan terms collected in the SLOOS are also informative.
Keywords: credit standards; loan growth; loan terms; SLOOS (search for similar items in EconPapers)
JEL-codes: G2 (search for similar items in EconPapers)
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