), our approach estimates bank asset holdings at higher frequencies which allows us to derive precise estimates of (i …

to a statistically significant and negative impact on the real economy. This impact increases with the size of the bank … the stringency of regulatory standards should vary with bank size, and support the idea that the largest banks should be …

We explore the structural drivers of bank and nonbank credit cycles using an estimated medium-scale macro model that … allows for bank and nonbank financial intermediation. We posit economy-wide aggregate and sectoral disturbances to … potentially drive bank and nonbank credit growth. We find that sectoral shocks affecting the balance sheets of entrepreneurs who …