We study how firms' individual credit market experience influences their beliefs about the bank lending policy, using … conditions worse than anticipated. Exploiting the panel structure shows that firms without recent credit market experience are …

I design a large-scale field experiment that constructs a randomized credit limit extension isolating selection … by the third year. The effects extend to those far from the limit, those who had the new limits as available credit, and …

-driven consumption boom, in which I construct a randomized credit line extension that isolates selection and interest rate effects, and … effects of credit, and that the propensity to borrow and spend out of credit remains quantitatively large for those with … in response to a credit constraint that may bind in the future; and the other invoking behavioral explanations based on …