Elliott, David; Meisenzahl, Ralf R.; Peydró, José-Luis; … - 2022
the distribution of risk via credit supply. For identification, we exploit exhaustive US loan-level data since the 1990s …, higher policy rates increase risk-taking, as less-regulated, fragile nonbanks -in all credit markets- expand supply to …, borrowerlender relationships and Gertler-Karadi monetary policy shocks. Higher policy rates shift credit supply from banks to …