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The multifaceted effect of monetary policy on U.S. credit aggregates

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  • Coussin, Maximilien

Abstract

Using a Factor-Augmented Vector Autoregressive (FAVAR) model and extensions, this paper investigates the impact of monetary policy on various credit aggregates in the United States over sixty years. The analysis reveals that monetary policy impacts different types of credit heterogeneously, with credit to the financial sector reacting particularly strongly. Bank-held credit exhibits notable sensitivity to monetary policy shocks. The effects of monetary policy are also conditional on the phases of the economic and financial cycles, showing a much stronger impact during periods of expansion. Additionally, a long-term strengthening of the transmission mechanisms suggests that substantial structural changes have occurred over the past six decades.

Suggested Citation

  • Coussin, Maximilien, 2025. "The multifaceted effect of monetary policy on U.S. credit aggregates," Journal of Macroeconomics, Elsevier, vol. 84(C).
    • Handle: RePEc:eee:jmacro:v:84:y:2025:i:c:s0164070425000114
    DOI: 10.1016/j.jmacro.2025.103674
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    Keywords

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    JEL classification:

    • E51 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Money Supply; Credit; Money Multipliers
    • E52 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Monetary Policy
    • E58 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Central Banks and Their Policies
    • G10 - Financial Economics - - General Financial Markets - - - General (includes Measurement and Data)
    • G21 - Financial Economics - - Financial Institutions and Services - - - Banks; Other Depository Institutions; Micro Finance Institutions; Mortgages

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