Bluedorn, John; Bowdler, Christopher; Koch, Christoffer - Federal Reserve Bank of Dallas - 2014
We present new evidence on how heterogeneity in banks interacts with monetary policy changes to impact bank lending, at … both the bank and U.S. state levels. Using an exogenous policy measure identified from narratives on FOMC intentions and … real-time economic forecasts, we find much stronger dynamic effects and greater heterogeneity in U.S. bank lending …