How Much do Bank Shocks Affect Investment? Evidence from Matched Bank-Firm Loan Data
---- Acknowledgements -----
We would like to thank Francesco Caselli, Gabriel Chodorow-Reich, Xavier Gabaix, Mark Gertler, Takatoshi Ito, Nobu Kiyotaki, Satoshi Koibuchi, Aart Kraay, Tamaki Miyauchi, Hugh Patrick, and Bernard Salanie for excellent comments. We also thank Prajit Gopal, Scott Marchi, Preston Mui, Molly Schnell and especially Richard Peck for outstanding research assistance. David Weinstein thanks the Center on Japanese Economy and Business and the Institute for New Economic Thinking for generous financial support. The views expressed in this paper are those of the authors and do not necessarily reflect the position of the Federal Reserve Bank of New York, the Federal Reserve System, or the National Bureau of Economic Research. Any errors or omissions are the responsibility of the authors.