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

37 Pages Posted: 31 Mar 2020

See all articles by Gianluca Cafiso

Gianluca Cafiso

University of Catania - Department of Economics and Business

Date Written: 2020

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

JEL Classification: E440, E510, G200, G210, C110

Suggested Citation

Cafiso, Gianluca, The Loan Puzzle. A Study of Loans to Different Groups in the USA (2020). CESifo Working Paper No. 8175, Available at SSRN: https://ssrn.com/abstract=3564880

Gianluca Cafiso (Contact Author)

University of Catania - Department of Economics and Business ( email )

Corso Italia, 55
Catania, CT Catania 95128
Italy

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