NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH

Do Banks Pass Through Credit Expansions to Consumers Who Want to Borrow?

Sumit Agarwal, Souphala Chomsisengphet, Neale Mahoney, Johannes Stroebel

NBER Working Paper No. 21567
Issued in September 2015, Revised in April 2017

---- Acknowledgements ----

This paper was previously circulated as "Do Banks Pass Through Credit Expansions? The Marginal Profitability of Consumer Lending During the Great Recession." For helpful comments, we are grateful to Viral Acharya, Scott Baker, Eric Budish, Charles Calomiris, Chris Carroll, Liran Einav, Alex Frankel, Erik Hurst, Anil Kashyap, Theresa Kuchler, Randall Kroszner, Marco di Maggio, Matteo Maggiori, Atif Mian, Rick Mishkin, Christopher Palmer, Jonathan Parker, Thomas Philippon, Amit Seru, Andrei Shleifer, Amir Sufi, Alessandra Voena, and ArleneWong, as well as seminar and conference participants at the 2017 AEA Meetings, Bank of England, Banque de France, Bank for International Settlements, Bank of Italy, Baruch, Berkeley Econ, Berkeley Haas, Brown University, Chicago Booth, Columbia University, Columbia GSB, Federal Reserve Bank of Philadelphia, Federal Reserve Bank of St. Louis, Financial Conduct Authority, Goethe University Frankfurt, HEC Paris, Ifo Institute, ITAM, LMU Munich, Mannheim University, MIT, NBER Summer Institute, NYU Stern, Northwestern University, SAIF, SED 2015, Stanford University, University of Chicago, University of Minnesota, UT Austin, and Yale University. We thank Regina Villasmil, Mariel Schwartz, Yin Wei Soon, Andreas Weber, and Hanbin Yang for truly outstanding and dedicated research assistance. The views expressed are those of the authors alone and do not necessarily reflect those of the Office of the Comptroller of the Currency or the National Bureau of Economic Research.

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