NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH

The Loan Covenant Channel: How Bank Health Transmits to the Real Economy

Gabriel Chodorow-Reich, Antonio Falato

NBER Working Paper No. 23879
Issued in September 2017

---- Acknowledgements ----

We thank David Scharfstein, Andrei Shleifer, Jeremy Stein, Amir Sufi, and numerous seminar participants for helpful comments. The views expressed herein are those of the authors and do not necessarily reflect the views of the Federal Reserve Board of Governors or the National Bureau of Economic Research. The SNC data are confidential and were processed solely within the Federal Reserve.

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