Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/247255 
Erscheinungsjahr: 
2020
Schriftenreihe/Nr.: 
Working Paper No. 20.04
Verlag: 
Swiss National Bank, Study Center Gerzensee, Gerzensee
Zusammenfassung: 
We study the bank lending channel in Switzerland over three decades using unbalanced quarterly bank-individual data spanning 1987 to 2016. In contrast to the usual empirical approach, we take an agnostic stance on which bank characteristic drives the heterogenous lending response to interest rate changes. In addition, our empirical model allows for a changing lending reaction occurring over time in a state-dependent manner. Our results are consistent with the existence of a bank lending channel, which is however muted in specific periods. Such episodes are characterized by increased economic uncertainty, which negatively impacts loan growth.
Schlagwörter: 
Bank lending channel
economic uncertainty
Markov switching model
Bayesian econometrics
unbalanced panel
JEL: 
C11
C34
E44
E52
G21
Dokumentart: 
Working Paper

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