the distribution of risk via credit supply. For identification, we exploit exhaustive US loan-level data since the 1990s …, borrowerlender relationships and Gertler-Karadi monetary policy shocks. Higher policy rates shift credit supply from banks to …, higher policy rates increase risk-taking, as less-regulated, fragile nonbanks -in all credit markets- expand supply to …

bank-level strength measure, estimated on the experimental data, determines credit supply and risk-taking to real firms. …We identify the relative importance for lending of borrower (demand) versus bank (supply) factors. We submit thousands … platform. Each application goes to all banks. We find that borrower and bank factors are equally strong in causing and …

educational attainment affects bank credit decisions and subsequent individual and firm outcomes. Our results highlight a "Matthew … likely to apply for credit, and receive higher credit scores, and better lending terms. Via this credit channel, such …