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The Risk Taking Channel of Monetary Policy: Lessons from the U.S. Bank Lending Standards

Using data from “The Senior Loan Officer Opinion Survey” of sixty U.S. commercial banks, we investigate whether the level of interest rates influences banks’ lending standards for business firms. We find that low levels of both short and long term rates are associated with lower percentage of banks reporting a tightening in lending standards and higher percentage of banks reporting an easing in standards, for all the types of commercial loans. All the terms of loans are found to be eased when lower rates are applied.