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Monetary Easing and the Lending Concentration Channel of Monetary Policy Transmission

Origination rates for mortgage loans increased significantly following the main events of the financial crisis in 2008. The pace of credit recovery, however, was slower in counties with higher market concentration. Consistent with monopoly power effects, within each county the biggest decelerators to credit growth were lenders with the largest market power. Market concentration affects the supply of both new loans and refinances. In addition, its effects are present in both the counties that were the hardest-hit and those that were less affected by aggregate declines in housing prices. And it affects the supply of credit of both bank and non-bank lenders.