| Finance and Economics Discussion Series |
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Changes in Bank Lending Standards and the Macroeconomy William F. Bassett, Mary Beth Chosak, John C. Driscoll, and Egon Zakrajsek 2012-24 |
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Note: This is not an official Federal Reserve statistical release. This time series represents the portion of changes in bank lending standards that is not explained by the control variables in the regression described on page 14 in the paper "Changes in Lending Standards and the Macroeconomy." The actual changes in lending standards reported by SLOOS respondents during that period will be different; indeed, it is possible for this adjusted series to be negative when lending standards are being tightened on net, and vice versa.
Indicators of Changes in the Supply of Bank Loans
Adjusted Changes in Lending Standards (Std. deviations)
| Date | Credit_Shock |
|---|---|
| 1991-10-01 | -1.17190311010798 |
| 1992-01-01 | -0.0761236204238642 |
| 1992-04-01 | 0.913070699564987 |
| 1992-07-01 | 0.000983273157224091 |
| 1992-10-01 | 0.0939253740121183 |
| 1993-01-01 | 0.901738712100927 |
| 1993-04-01 | -0.855923184515592 |
| 1993-07-01 | 0.321464354059347 |
| 1993-10-01 | -0.36664459431508 |
| 1994-01-01 | 0.182123918792571 |
| 1994-04-01 | 0.222603663235557 |
| 1994-07-01 | -0.289529843296628 |
| 1994-10-01 | -0.200759778510076 |
| 1995-01-01 | -0.233949942178003 |
| 1995-04-01 | 0.459739449763788 |
| 1995-07-01 | -0.0994406243665358 |
| 1995-10-01 | 0.310231569024871 |
| 1996-01-01 | -0.822715197857963 |
| 1996-04-01 | 0.757873245970712 |
| 1996-07-01 | 0.351549911608525 |
| 1996-10-01 | -0.776540133765497 |
| 1997-01-01 | -0.354586876226798 |
| 1997-04-01 | -0.399176195444813 |
| 1997-07-01 | -0.669013090790164 |
| 1997-10-01 | 0.278359337485136 |
| 1998-01-01 | -0.324274224626508 |
| 1998-04-01 | 0.911482397837444 |
| 1998-07-01 | 1.1039527191349 |
| 1998-10-01 | -1.63126128931913 |
| 1999-01-01 | -0.164120793589895 |
| 1999-04-01 | -1.04803870934382 |
| 1999-07-01 | -0.65151581316904 |
| 1999-10-01 | -0.832453903802311 |
| 2000-01-01 | -0.570095046973505 |
| 2000-04-01 | 0.639165785414643 |
| 2000-07-01 | 1.04064245300612 |
| 2000-10-01 | 2.09224922619964 |
| 2001-01-01 | -0.505876227416598 |
| 2001-04-01 | -1.1530546629351 |
| 2001-07-01 | 1.02203608914267 |
| 2001-10-01 | -1.11105117275261 |
| 2002-01-01 | -0.00789516657289217 |
| 2002-04-01 | 0.577825730795562 |
| 2002-07-01 | 0.144139525691806 |
| 2002-10-01 | 1.10505149655641 |
| 2003-01-01 | 0.0878782639272472 |
| 2003-04-01 | 0.118994943980465 |
| 2003-07-01 | -0.412382095335611 |
| 2003-10-01 | -0.707147731488275 |
| 2004-01-01 | -0.570196561652397 |
| 2004-04-01 | -0.612286847540616 |
| 2004-07-01 | 0.240561735355996 |
| 2004-10-01 | -0.48996345873315 |
| 2005-01-01 | 0.0613288726167524 |
| 2005-04-01 | -0.328741311525544 |
| 2005-07-01 | -0.123768258794511 |
| 2005-10-01 | 0.0167463874944909 |
| 2006-01-01 | -1.4222884713968 |
| 2006-04-01 | -1.79078019965407 |
| 2006-07-01 | -0.15433962977944 |
| 2006-10-01 | 0.0989665871189752 |
| 2007-01-01 | -1.12057338571545 |
| 2007-04-01 | 0.701704458134306 |
| 2007-07-01 | 2.67862627955591 |
| 2007-10-01 | 2.15721812651641 |
| 2008-01-01 | 2.18689617329724 |
| 2008-04-01 | 3.45750795100309 |
| 2008-07-01 | 2.57109107013941 |
| 2008-10-01 | -0.417313796829642 |
| 2009-01-01 | -1.00573206852524 |
| 2009-04-01 | -0.310280577265507 |
| 2009-07-01 | 1.8550099042376 |
| 2009-10-01 | -1.61747081284133 |
| 2010-01-01 | -1.68354499457534 |
| 2010-04-01 | -0.637548929448824 |
| 2010-07-01 | 0.372438161375107 |
| 2010-10-01 | -0.343530408221399 |
| 2011-01-01 | -1.30118711061353 |
| 2011-04-01 | -0.847122417245376 |
| 2011-07-01 | -0.452896405237527 |
| 2011-10-01 | -0.870426855028468 |
| 2012-01-01 | 0.859776640557683 |
| 2012-04-01 | 0.743656262425417 |
| 2012-07-01 | 0.228499587097649 |
Note: Sample period: 1991:Q4 - 2012:Q3. The figure depicts the various SLOOS-based indicators of changes in the supply of bank loans. The solid line depicts the adjusted change in overall lending standards our new indicator of shifts in the effective supply of bank-intermediated credit (the series has been standardized). The shaded vertical bars denote the NBER-dated recessions.