Information asymmetry is a fundamental problem creating malfunctions in the credit market. On the supply side, credit information sharing is recognized as an effective solution to mitigate asymmetric information. On the demand side, however, its impact on discouraged borrowers is missing in...

On December 16th of 2015, the Fed initiated "liftoff", a critical step in the monetary normalization process. We use a unique panel dataset of 640,000 loan-hour observations to measure the impact of liftoff on interest rates, demand, and supply in the online primary market for uncollateralized...