We examine the effect of quantitative easing on the supply of bank loans. During the 2008 quantitative easing, lending banks reduce relatively more loan spreads, offer longer loan maturities, provide larger loans, and loosen covenants for firms whose long-term bond ratings are lower than BBB....

We argue that the focus of community banks on relationship lending to small businesses combined with their relatively simple organizational structure allowed them to respond faster to Paycheck Protection Program (PPP) loan requests than larger banks. Consistent with this argument we find,...

There are two major institutional investors in the syndicated loan market: collateralized loan obligations (CLOs) and bank loan mutual funds. CLOs are closed-end funds while bank loan mutual funds are open-end funds that issue claims that are redeemable on demand. In this paper, we examine...