Search Results
Working Paper
Student Loans, Access to Credit and Consumer Financial Behavior
This paper provides novel evidence that increased student loan debts, caused by rising tuitions, increase borrowers’ demand for additional consumer debt, while simultaneously restricting their ability to access it. The net effect of student loan debt on consumer borrowing varies by market, depending on whether the supply or demand channel dominates. In loosely underwritten credit markets, increased student loan debt causes borrowing to increase, while in tightly underwritten markets, increased student loan debt reduces the use of credit. These findings match predictions of a standard ...
Working Paper
The Supply and Demand of Agricultural Loans
Credit plays a critical role in the agricultural sector, but many studies suggest that farmers are credit constrained. We examine the degree to which changes in non-real-estate agricultural loans at commercial banks are driven by changes in supply and demand, using information provided by agricultural lending surveys conducted by the Federal Reserve Banks of Chicago, Kansas City, and Minneapolis. Building on recent studies of loan officer opinion surveys, we estimate the changes in agricultural loan supply and demand using an unbalanced panel of 1,024 banks across 191 quarters ...
Working Paper
The Impact of Supply and Demand Changes on Non-Real-Estate Agricultural Loans
This study examines the degree to which changes in non-real-estate agricultural loans at commercial banks are driven by changes in supply or demand. Our identification strategy exploits information provided by agricultural lending surveys conducted by three Federal Reserve Banks: Chicago, Kansas City, and Minneapolis. Building on recent studies of loan officer opinion surveys, we estimate the changes in agricultural loan supply and demand using an unbalanced panel of 1,028 banks across the 2002-2021 period. The survey responses provide instruments for supply and demand changes to examine ...