Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/194149
Authors: 
Fidrmuc, Jarko
Hainz, Christa
Hölzl, Werner
Year of Publication: 
2018
Series/Report no.: 
WIFO Working Papers 574
Abstract: 
We show that firms' credit market experience determines their perception of aggregate bank lending policy using panel data from the Austrian Business Survey between 2011 and 2016. Loan rejections have a strongly negative and persistent effect on perceptions. Interestingly, firms that receive a loan at worse than anticipated conditions show a similarly negative effect. Firms that do not need a loan tend to perceive lending policy as neutral and revise their perceptions less often. Our findings are in line with theories on sticky information, rational inattention and pessimism bias and suggest considering experience for the aggregation of perceptions.
Subjects: 
Perception of lending policy
formation of perceptions
sticky information
rational inattention
pessimism bias
behavioral macroeconomics
JEL: 
G21
E51
D03
Document Type: 
Working Paper
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