01875cas a2200265 a 4500 AALejournalIMF013572 230101c9999 xx r poo 0 0eng d 5.00 USD 9781484356760 1018-5941 BD-DhAAL BD-DhAAL Bluedorn, John. Heterogeneous Bank Lending Responses to Monetary Policy : New Evidence from a Real-time Identification / John Bluedorn, Christopher Bowdler, Christoffer Koch. Washington, D.C. : International Monetary Fund, 2013. 1 online resource (39 pages) IMF Working Papers <strong>Off-Campus Access:</strong> No User ID or Password Required <strong>On-Campus Access:</strong> No User ID or Password Required Electronic access restricted to authorized BRAC University faculty, staff and students We present new evidence on how heterogeneity in banks interacts with monetary policy changes to impact bank lending. Using an exogenous policy measure identified from narratives on FOMC intentions and real-time economic forecasts, we find much greater heterogeneity in U.S. bank lending responses than that found in previous research based on realized federal funds rate changes. Our findings suggest that studies using realized monetary policy changes confound the monetary policy's effects with those of changes in expected macrofundamentals. We also extend Romer and Romer (2004)'s identification scheme, and expand the time and balance sheet coverage of the U.S. banking sample. Mode of access: Internet Bowdler, Christopher. Koch, Christoffer. IMF Working Papers; Working Paper ; No. 2013/118 Full text available on IMF http://elibrary.imf.org/view/journals/001/2013/118/001.2013.issue-118-en.xml IMF e-Library