Credit-to-GDP Trends and Gaps by Lender- and Credit-type, Accessible Data
Accessible version of figures
Figure 1: Private Nonfinancial Credit-to-GDP Ratio
Note: IF.PF.MF denotes insurance companies, pension funds, and long-term mutual funds. Other Nonbanks consists of finance companies, private label ABS issuers, mortgage REITS, funding corporations and broker-dealers.
Source: Federal Reserve Board, Financial Accounts of the United States (FAUS) (formerly known as Flow of Funds Accounts, or FoFA), http://www.federalreserve.gov/releases/z1/current/data.htm; and U.S. Department of Commerce, Bureau of Economic Analysis (BEA), National Income and Product Accounts (NIPA), http://www.bea.gov/national/nipaweb/DownSS2.asp
A. Disaggregated by Type of Lender
DATES | NONFINANCIAL | IC.PF.MF | TRADITIONAL BANKS | GSES | OTHER NONBANKS | STACKED TOTAL |
---|---|---|---|---|---|---|
1980Q1 | 0.09173 | 0.194472 | 0.511419 | 0.079067 | 0.068652 | 0.94534 |
1980Q2 | 0.09544 | 0.201492 | 0.508061 | 0.08142 | 0.068543 | 0.954956 |
1980Q3 | 0.097242 | 0.199502 | 0.505411 | 0.082676 | 0.068316 | 0.953147 |
1980Q4 | 0.096568 | 0.194056 | 0.494965 | 0.082345 | 0.066304 | 0.934238 |
1981Q1 | 0.097745 | 0.188788 | 0.478971 | 0.081137 | 0.064776 | 0.911417 |
1981Q2 | 0.102248 | 0.191589 | 0.484741 | 0.082245 | 0.066758 | 0.927581 |
1981Q3 | 0.10236 | 0.190431 | 0.479883 | 0.082588 | 0.066925 | 0.922187 |
1981Q4 | 0.105073 | 0.193902 | 0.481216 | 0.084623 | 0.067354 | 0.932168 |
1982Q1 | 0.108973 | 0.198776 | 0.488979 | 0.088454 | 0.06836 | 0.953542 |
1982Q2 | 0.109735 | 0.197918 | 0.487772 | 0.090803 | 0.068903 | 0.955131 |
1982Q3 | 0.108397 | 0.19833 | 0.484085 | 0.095055 | 0.06957 | 0.955437 |
1982Q4 | 0.110684 | 0.1984 | 0.476702 | 0.100191 | 0.067959 | 0.953936 |
1983Q1 | 0.109673 | 0.197347 | 0.47069 | 0.103813 | 0.068276 | 0.949799 |
1983Q2 | 0.108388 | 0.19403 | 0.464169 | 0.105915 | 0.068345 | 0.940847 |
1983Q3 | 0.106246 | 0.190917 | 0.464765 | 0.107987 | 0.068259 | 0.938174 |
1983Q4 | 0.105507 | 0.188439 | 0.468072 | 0.109566 | 0.067604 | 0.939188 |
1984Q1 | 0.105557 | 0.186014 | 0.472898 | 0.110379 | 0.067705 | 0.942553 |
1984Q2 | 0.105234 | 0.185768 | 0.481902 | 0.109973 | 0.068442 | 0.951319 |
1984Q3 | 0.106095 | 0.188138 | 0.487897 | 0.111483 | 0.069206 | 0.962819 |
1984Q4 | 0.104283 | 0.190914 | 0.495863 | 0.113733 | 0.073154 | 0.977947 |
1985Q1 | 0.110945 | 0.193407 | 0.499727 | 0.116021 | 0.075024 | 0.995124 |
1985Q2 | 0.10995 | 0.197464 | 0.503468 | 0.118642 | 0.077263 | 1.006787 |
1985Q3 | 0.109971 | 0.198832 | 0.504175 | 0.121303 | 0.079932 | 1.014213 |
1985Q4 | 0.107291 | 0.204059 | 0.509796 | 0.124985 | 0.082265 | 1.028396 |
1986Q1 | 0.109039 | 0.209566 | 0.511439 | 0.128562 | 0.08367 | 1.042276 |
1986Q2 | 0.107851 | 0.216574 | 0.513089 | 0.134422 | 0.087851 | 1.059787 |
1986Q3 | 0.106582 | 0.222365 | 0.513105 | 0.141897 | 0.091085 | 1.075034 |
1986Q4 | 0.104828 | 0.224148 | 0.528598 | 0.151344 | 0.088083 | 1.097001 |
1987Q1 | 0.106548 | 0.226495 | 0.527305 | 0.157654 | 0.088105 | 1.106107 |
1987Q2 | 0.104206 | 0.227232 | 0.528135 | 0.162486 | 0.089441 | 1.1115 |
1987Q3 | 0.101278 | 0.229047 | 0.532097 | 0.166462 | 0.08996 | 1.118844 |
1987Q4 | 0.099077 | 0.229309 | 0.526995 | 0.1667 | 0.091297 | 1.113378 |
1988Q1 | 0.101102 | 0.231413 | 0.534241 | 0.16697 | 0.093021 | 1.126747 |
1988Q2 | 0.099928 | 0.233838 | 0.533575 | 0.167292 | 0.094149 | 1.128782 |
1988Q3 | 0.099786 | 0.236867 | 0.533261 | 0.169309 | 0.093117 | 1.13234 |
1988Q4 | 0.098201 | 0.239638 | 0.5334 | 0.170088 | 0.094111 | 1.135438 |
1989Q1 | 0.094531 | 0.23915 | 0.531801 | 0.171176 | 0.098329 | 1.134987 |
1989Q2 | 0.092075 | 0.241846 | 0.530251 | 0.17284 | 0.099976 | 1.136988 |
1989Q3 | 0.089995 | 0.243599 | 0.527318 | 0.176605 | 0.101661 | 1.139178 |
1989Q4 | 0.08986 | 0.247078 | 0.524487 | 0.183149 | 0.105585 | 1.150159 |
1990Q1 | 0.089895 | 0.246408 | 0.519602 | 0.18586 | 0.105291 | 1.147056 |
1990Q2 | 0.09042 | 0.246669 | 0.509781 | 0.189482 | 0.108391 | 1.144743 |
1990Q3 | 0.092759 | 0.246685 | 0.503495 | 0.19384 | 0.109968 | 1.146747 |
1990Q4 | 0.094183 | 0.249237 | 0.499624 | 0.201796 | 0.112053 | 1.156893 |
1991Q1 | 0.094931 | 0.250614 | 0.492346 | 0.206468 | 0.113852 | 1.158211 |
1991Q2 | 0.094845 | 0.25042 | 0.479693 | 0.210002 | 0.116584 | 1.151544 |
1991Q3 | 0.094546 | 0.249091 | 0.466071 | 0.213671 | 0.115692 | 1.139071 |
1991Q4 | 0.092743 | 0.247124 | 0.456614 | 0.217963 | 0.118306 | 1.13275 |
1992Q1 | 0.091062 | 0.246352 | 0.445808 | 0.219683 | 0.12016 | 1.123065 |
1992Q2 | 0.088637 | 0.244173 | 0.432833 | 0.222675 | 0.119757 | 1.108075 |
1992Q3 | 0.086546 | 0.242117 | 0.423479 | 0.224405 | 0.122614 | 1.099161 |
1992Q4 | 0.0847 | 0.240582 | 0.415053 | 0.227019 | 0.12235 | 1.089704 |
1993Q1 | 0.082455 | 0.246581 | 0.412044 | 0.230476 | 0.118993 | 1.090549 |
1993Q2 | 0.079962 | 0.250817 | 0.409542 | 0.230843 | 0.120609 | 1.091773 |
1993Q3 | 0.078401 | 0.254587 | 0.407498 | 0.233942 | 0.121311 | 1.095739 |
1993Q4 | 0.077438 | 0.254139 | 0.404068 | 0.234669 | 0.120932 | 1.091246 |
1994Q1 | 0.07439 | 0.255637 | 0.40095 | 0.239138 | 0.121667 | 1.091782 |
1994Q2 | 0.073345 | 0.254113 | 0.400406 | 0.239371 | 0.120815 | 1.08805 |
1994Q3 | 0.073009 | 0.254169 | 0.404764 | 0.239453 | 0.121935 | 1.09333 |
1994Q4 | 0.073819 | 0.253028 | 0.40869 | 0.237222 | 0.122869 | 1.095628 |
1995Q1 | 0.072457 | 0.252664 | 0.417137 | 0.237194 | 0.125553 | 1.105005 |
1995Q2 | 0.071461 | 0.255234 | 0.422349 | 0.23794 | 0.12977 | 1.116754 |
1995Q3 | 0.069906 | 0.254536 | 0.423656 | 0.23883 | 0.132857 | 1.119785 |
1995Q4 | 0.066874 | 0.255941 | 0.423002 | 0.241705 | 0.135778 | 1.1233 |
1996Q1 | 0.066588 | 0.256863 | 0.422288 | 0.243162 | 0.140407 | 1.129308 |
1996Q2 | 0.064153 | 0.254991 | 0.420294 | 0.242827 | 0.142162 | 1.124427 |
1996Q3 | 0.062189 | 0.253545 | 0.424456 | 0.243561 | 0.142835 | 1.126586 |
1996Q4 | 0.062045 | 0.251377 | 0.421774 | 0.243768 | 0.143891 | 1.122855 |
1997Q1 | 0.060822 | 0.251731 | 0.424143 | 0.243899 | 0.145734 | 1.126329 |
1997Q2 | 0.060319 | 0.252255 | 0.426031 | 0.241576 | 0.144764 | 1.124945 |
1997Q3 | 0.060403 | 0.254582 | 0.422287 | 0.240214 | 0.150998 | 1.128484 |
1997Q4 | 0.062273 | 0.253593 | 0.421955 | 0.241764 | 0.15404 | 1.133625 |
1998Q1 | 0.060983 | 0.260629 | 0.423485 | 0.242176 | 0.160313 | 1.147586 |
1998Q2 | 0.060324 | 0.266239 | 0.423502 | 0.245586 | 0.167685 | 1.163336 |
1998Q3 | 0.05804 | 0.267228 | 0.421076 | 0.24821 | 0.17242 | 1.166974 |
1998Q4 | 0.058158 | 0.265142 | 0.419562 | 0.24934 | 0.178391 | 1.170593 |
1999Q1 | 0.056926 | 0.268876 | 0.418517 | 0.256486 | 0.183671 | 1.184476 |
1999Q2 | 0.056488 | 0.272839 | 0.41733 | 0.26071 | 0.188095 | 1.195462 |
1999Q3 | 0.05815 | 0.277399 | 0.421439 | 0.262863 | 0.19217 | 1.212021 |
1999Q4 | 0.057184 | 0.27564 | 0.422313 | 0.262223 | 0.191504 | 1.208864 |
2000Q1 | 0.056321 | 0.278074 | 0.430266 | 0.263091 | 0.196725 | 1.224477 |
2000Q2 | 0.055552 | 0.277724 | 0.434401 | 0.261106 | 0.196984 | 1.225767 |
2000Q3 | 0.055913 | 0.281328 | 0.439091 | 0.265543 | 0.201738 | 1.243613 |
2000Q4 | 0.055721 | 0.281258 | 0.437781 | 0.270221 | 0.208755 | 1.253736 |
2001Q1 | 0.05506 | 0.283419 | 0.44269 | 0.273848 | 0.216449 | 1.271466 |
2001Q2 | 0.054258 | 0.286283 | 0.440518 | 0.281519 | 0.220684 | 1.283262 |
2001Q3 | 0.055032 | 0.288813 | 0.44111 | 0.293806 | 0.225763 | 1.304524 |
2001Q4 | 0.055317 | 0.293264 | 0.44067 | 0.299577 | 0.229096 | 1.317924 |
2002Q1 | 0.054147 | 0.293025 | 0.436691 | 0.308895 | 0.232511 | 1.325269 |
2002Q2 | 0.053881 | 0.292169 | 0.432965 | 0.315298 | 0.236453 | 1.330766 |
2002Q3 | 0.05433 | 0.287176 | 0.438118 | 0.317542 | 0.240255 | 1.337421 |
2002Q4 | 0.054731 | 0.285666 | 0.446012 | 0.323407 | 0.245103 | 1.354919 |
2003Q1 | 0.053494 | 0.283612 | 0.447894 | 0.328395 | 0.248597 | 1.361992 |
2003Q2 | 0.053438 | 0.28222 | 0.448673 | 0.332884 | 0.251096 | 1.368311 |
2003Q3 | 0.052911 | 0.278021 | 0.446285 | 0.334842 | 0.252212 | 1.364271 |
2003Q4 | 0.051131 | 0.272205 | 0.449045 | 0.340422 | 0.25429 | 1.367093 |
2004Q1 | 0.050759 | 0.270877 | 0.454847 | 0.335215 | 0.263421 | 1.375119 |
2004Q2 | 0.05118 | 0.264862 | 0.459746 | 0.330595 | 0.273875 | 1.380258 |
2004Q3 | 0.051915 | 0.261215 | 0.46377 | 0.326491 | 0.285196 | 1.388587 |
2004Q4 | 0.05223 | 0.257721 | 0.470955 | 0.322308 | 0.29686 | 1.400074 |
2005Q1 | 0.051004 | 0.253314 | 0.473067 | 0.316901 | 0.304842 | 1.399128 |
2005Q2 | 0.051404 | 0.247735 | 0.482876 | 0.315538 | 0.317969 | 1.415522 |
2005Q3 | 0.051991 | 0.243806 | 0.487419 | 0.312077 | 0.327945 | 1.423238 |
2005Q4 | 0.051669 | 0.24021 | 0.490293 | 0.312497 | 0.346473 | 1.441142 |
2006Q1 | 0.056795 | 0.236884 | 0.494049 | 0.312296 | 0.35427 | 1.454294 |
2006Q2 | 0.056374 | 0.236956 | 0.501358 | 0.314501 | 0.366397 | 1.475586 |
2006Q3 | 0.055859 | 0.235892 | 0.50692 | 0.317547 | 0.377766 | 1.493984 |
2006Q4 | 0.055419 | 0.239822 | 0.509061 | 0.320266 | 0.386696 | 1.511264 |
2007Q1 | 0.055605 | 0.240672 | 0.507966 | 0.324776 | 0.39534 | 1.524359 |
2007Q2 | 0.055334 | 0.242948 | 0.510467 | 0.32978 | 0.400017 | 1.538546 |
2007Q3 | 0.054926 | 0.241957 | 0.519711 | 0.339069 | 0.400707 | 1.55637 |
2007Q4 | 0.05467 | 0.243897 | 0.527085 | 0.352479 | 0.392965 | 1.571096 |
2008Q1 | 0.055299 | 0.247286 | 0.538762 | 0.363431 | 0.391189 | 1.595967 |
2008Q2 | 0.055816 | 0.248787 | 0.534856 | 0.371959 | 0.380625 | 1.592043 |
2008Q3 | 0.056002 | 0.251566 | 0.537515 | 0.379224 | 0.372129 | 1.596436 |
2008Q4 | 0.05792 | 0.257316 | 0.549121 | 0.394409 | 0.365721 | 1.624487 |
2009Q1 | 0.059934 | 0.264457 | 0.545823 | 0.405308 | 0.356626 | 1.632148 |
2009Q2 | 0.062634 | 0.266999 | 0.538036 | 0.414765 | 0.344466 | 1.6269 |
2009Q3 | 0.065919 | 0.267138 | 0.520746 | 0.421873 | 0.330663 | 1.606339 |
2009Q4 | 0.068142 | 0.262189 | 0.501698 | 0.422511 | 0.310384 | 1.564924 |
2010Q1 | 0.068847 | 0.264388 | 0.520186 | 0.418124 | 0.272123 | 1.543668 |
2010Q2 | 0.069101 | 0.262092 | 0.50654 | 0.415807 | 0.25953 | 1.51307 |
2010Q3 | 0.071459 | 0.265368 | 0.496215 | 0.411761 | 0.249502 | 1.494305 |
2010Q4 | 0.072984 | 0.263618 | 0.485059 | 0.409528 | 0.23192 | 1.463109 |
2011Q1 | 0.075971 | 0.266704 | 0.478565 | 0.413703 | 0.226174 | 1.461117 |
2011Q2 | 0.076279 | 0.267696 | 0.467974 | 0.408925 | 0.218646 | 1.43952 |
2011Q3 | 0.077839 | 0.269238 | 0.465781 | 0.404673 | 0.212241 | 1.429772 |
2011Q4 | 0.078027 | 0.268881 | 0.463625 | 0.39919 | 0.207192 | 1.416915 |
2012Q1 | 0.079062 | 0.271244 | 0.462968 | 0.395067 | 0.199217 | 1.407558 |
2012Q2 | 0.080422 | 0.272944 | 0.465647 | 0.391941 | 0.192992 | 1.403946 |
2012Q3 | 0.081716 | 0.276841 | 0.464099 | 0.389788 | 0.187614 | 1.400058 |
2012Q4 | 0.082493 | 0.282651 | 0.467888 | 0.389097 | 0.185477 | 1.407606 |
2013Q1 | 0.083792 | 0.285723 | 0.464961 | 0.386177 | 0.180662 | 1.401315 |
2013Q2 | 0.084993 | 0.287929 | 0.464901 | 0.387795 | 0.178012 | 1.40363 |
2013Q3 | 0.085554 | 0.293265 | 0.463137 | 0.387606 | 0.173899 | 1.403461 |
2013Q4 | 0.08597 | 0.292565 | 0.457854 | 0.385049 | 0.169566 | 1.391004 |
2014Q1 | 0.087907 | 0.298633 | 0.464295 | 0.383684 | 0.167313 | 1.401832 |
2014Q2 | 0.088077 | 0.298116 | 0.466315 | 0.377823 | 0.163105 | 1.393436 |
2014Q3 | 0.088283 | 0.297564 | 0.465082 | 0.374356 | 0.160814 | 1.386099 |
2014Q4 | 0.089213 | 0.300973 | 0.469208 | 0.375143 | 0.161137 | 1.395674 |
2015Q1 | 0.090655 | 0.306787 | 0.477687 | 0.373205 | 0.160103 | 1.408437 |
2015Q2 | 0.090894 | 0.310489 | 0.478444 | 0.371782 | 0.15704 | 1.408649 |
B. Disaggregated by Type of Credit
DATES | BF CORPORATE BONDS AND CP | NF BUSINESS CREDIT | COMMERCIAL MORTGAGES | CONSUMER CREDIT | HOME MORTGAGES | STACKED TOTAL |
---|---|---|---|---|---|---|
1980Q1 | 0.132727 | 0.206225 | 0.167689 | 0.128407 | 0.318227 | 0.953275 |
1980Q2 | 0.137673 | 0.206015 | 0.171031 | 0.125993 | 0.322882 | 0.963594 |
1980Q3 | 0.135665 | 0.206721 | 0.170419 | 0.123866 | 0.325297 | 0.961968 |
1980Q4 | 0.131482 | 0.206746 | 0.166177 | 0.119606 | 0.319995 | 0.944006 |
1981Q1 | 0.127647 | 0.202594 | 0.162567 | 0.116024 | 0.31201 | 0.920842 |
1981Q2 | 0.129829 | 0.209885 | 0.165514 | 0.116535 | 0.315373 | 0.937136 |
1981Q3 | 0.129163 | 0.211666 | 0.165027 | 0.115314 | 0.310782 | 0.931952 |
1981Q4 | 0.131886 | 0.216584 | 0.166564 | 0.115084 | 0.313751 | 0.943869 |
1982Q1 | 0.135681 | 0.221957 | 0.17009 | 0.117154 | 0.319627 | 0.964509 |
1982Q2 | 0.134726 | 0.22657 | 0.170581 | 0.116685 | 0.317486 | 0.966048 |
1982Q3 | 0.134822 | 0.231798 | 0.171579 | 0.11617 | 0.313215 | 0.967584 |
1982Q4 | 0.134576 | 0.229624 | 0.172761 | 0.116414 | 0.31404 | 0.967415 |
1983Q1 | 0.133862 | 0.226618 | 0.173123 | 0.115704 | 0.314353 | 0.96366 |
1983Q2 | 0.131635 | 0.224212 | 0.173279 | 0.115008 | 0.312393 | 0.956527 |
1983Q3 | 0.129297 | 0.223906 | 0.173481 | 0.115213 | 0.311924 | 0.953821 |
1983Q4 | 0.127434 | 0.223483 | 0.174406 | 0.117193 | 0.312496 | 0.955012 |
1984Q1 | 0.126731 | 0.225446 | 0.175432 | 0.118773 | 0.313093 | 0.959475 |
1984Q2 | 0.127466 | 0.228265 | 0.178211 | 0.121931 | 0.313564 | 0.969437 |
1984Q3 | 0.130444 | 0.229023 | 0.181792 | 0.124145 | 0.315033 | 0.980437 |
1984Q4 | 0.133462 | 0.233179 | 0.18513 | 0.126961 | 0.318624 | 0.997356 |
1985Q1 | 0.135924 | 0.233004 | 0.184541 | 0.130151 | 0.329834 | 1.013454 |
1985Q2 | 0.139786 | 0.233201 | 0.187375 | 0.132787 | 0.333129 | 1.026278 |
1985Q3 | 0.141691 | 0.23322 | 0.187993 | 0.134853 | 0.336162 | 1.033919 |
1985Q4 | 0.146065 | 0.237885 | 0.188421 | 0.137112 | 0.342879 | 1.052362 |
1986Q1 | 0.151216 | 0.23842 | 0.189971 | 0.138259 | 0.347741 | 1.065607 |
1986Q2 | 0.1577 | 0.238342 | 0.19204 | 0.14078 | 0.355702 | 1.084564 |
1986Q3 | 0.162985 | 0.238736 | 0.19363 | 0.142315 | 0.36467 | 1.102336 |
1986Q4 | 0.164521 | 0.250579 | 0.19759 | 0.142707 | 0.370525 | 1.125922 |
1987Q1 | 0.16729 | 0.244012 | 0.203951 | 0.139981 | 0.376555 | 1.131789 |
1987Q2 | 0.168264 | 0.242504 | 0.204247 | 0.13997 | 0.383477 | 1.138462 |
1987Q3 | 0.170153 | 0.244001 | 0.204156 | 0.140466 | 0.387677 | 1.146453 |
1987Q4 | 0.170802 | 0.2393 | 0.204094 | 0.139097 | 0.383951 | 1.137244 |
1988Q1 | 0.172471 | 0.242278 | 0.206073 | 0.140114 | 0.390311 | 1.151247 |
1988Q2 | 0.174919 | 0.241078 | 0.204956 | 0.139408 | 0.393385 | 1.153746 |
1988Q3 | 0.177414 | 0.240902 | 0.203904 | 0.13888 | 0.397305 | 1.158405 |
1988Q4 | 0.179745 | 0.240264 | 0.204685 | 0.137677 | 0.399576 | 1.161947 |
1989Q1 | 0.179363 | 0.239656 | 0.204459 | 0.139968 | 0.398045 | 1.161491 |
1989Q2 | 0.181821 | 0.241084 | 0.202782 | 0.139863 | 0.400157 | 1.165707 |
1989Q3 | 0.182956 | 0.23739 | 0.201656 | 0.139393 | 0.4055 | 1.166895 |
1989Q4 | 0.185339 | 0.241766 | 0.20011 | 0.140417 | 0.411136 | 1.178768 |
1990Q1 | 0.184277 | 0.240093 | 0.198117 | 0.138146 | 0.41702 | 1.177653 |
1990Q2 | 0.18428 | 0.239239 | 0.194736 | 0.136963 | 0.421394 | 1.176612 |
1990Q3 | 0.184934 | 0.238812 | 0.193912 | 0.13703 | 0.425303 | 1.179991 |
1990Q4 | 0.186777 | 0.241206 | 0.194325 | 0.136866 | 0.432784 | 1.191958 |
1991Q1 | 0.187929 | 0.232835 | 0.194828 | 0.136231 | 0.437843 | 1.189666 |
1991Q2 | 0.188727 | 0.226024 | 0.19268 | 0.133936 | 0.440216 | 1.181583 |
1991Q3 | 0.188359 | 0.223266 | 0.187227 | 0.13156 | 0.437928 | 1.16834 |
1991Q4 | 0.188781 | 0.217246 | 0.183644 | 0.129884 | 0.441882 | 1.161437 |
1992Q1 | 0.189401 | 0.211716 | 0.179241 | 0.128082 | 0.442444 | 1.150884 |
1992Q2 | 0.188948 | 0.207738 | 0.174528 | 0.125591 | 0.43903 | 1.135835 |
1992Q3 | 0.188494 | 0.204926 | 0.169775 | 0.12428 | 0.439555 | 1.12703 |
1992Q4 | 0.188369 | 0.202634 | 0.163667 | 0.123145 | 0.439275 | 1.11709 |
1993Q1 | 0.195289 | 0.198951 | 0.160995 | 0.123407 | 0.439071 | 1.117713 |
1993Q2 | 0.20079 | 0.195398 | 0.15716 | 0.123491 | 0.44118 | 1.118019 |
1993Q3 | 0.205422 | 0.194993 | 0.154317 | 0.124656 | 0.442889 | 1.122277 |
1993Q4 | 0.206987 | 0.192962 | 0.151422 | 0.126004 | 0.440928 | 1.118303 |
1994Q1 | 0.209536 | 0.194327 | 0.147811 | 0.127895 | 0.440654 | 1.120223 |
1994Q2 | 0.208976 | 0.193404 | 0.144762 | 0.130183 | 0.438421 | 1.115746 |
1994Q3 | 0.209443 | 0.195185 | 0.143071 | 0.133348 | 0.439054 | 1.120101 |
1994Q4 | 0.209679 | 0.197896 | 0.139383 | 0.136581 | 0.438459 | 1.121998 |
1995Q1 | 0.209473 | 0.202327 | 0.138793 | 0.140271 | 0.439761 | 1.130625 |
1995Q2 | 0.212306 | 0.205644 | 0.138038 | 0.143988 | 0.442134 | 1.14211 |
1995Q3 | 0.211378 | 0.207836 | 0.137092 | 0.147036 | 0.44232 | 1.145662 |
1995Q4 | 0.211742 | 0.210429 | 0.135306 | 0.149774 | 0.441781 | 1.149032 |
1996Q1 | 0.212933 | 0.209684 | 0.134783 | 0.151696 | 0.446769 | 1.155865 |
1996Q2 | 0.211925 | 0.20903 | 0.13334 | 0.151941 | 0.444752 | 1.150988 |
1996Q3 | 0.210876 | 0.212149 | 0.132388 | 0.152893 | 0.445412 | 1.153718 |
1996Q4 | 0.209756 | 0.209903 | 0.131778 | 0.153719 | 0.444297 | 1.149453 |
1997Q1 | 0.21042 | 0.213486 | 0.130759 | 0.152859 | 0.445715 | 1.153239 |
1997Q2 | 0.211369 | 0.215215 | 0.130526 | 0.152338 | 0.443613 | 1.153061 |
1997Q3 | 0.214121 | 0.215935 | 0.130862 | 0.152018 | 0.445643 | 1.158579 |
1997Q4 | 0.213692 | 0.221015 | 0.131546 | 0.152949 | 0.44565 | 1.164852 |
1998Q1 | 0.220818 | 0.222691 | 0.132624 | 0.152145 | 0.451081 | 1.179359 |
1998Q2 | 0.226434 | 0.226462 | 0.133463 | 0.154955 | 0.454619 | 1.195933 |
1998Q3 | 0.227948 | 0.226619 | 0.133788 | 0.15496 | 0.45531 | 1.198625 |
1998Q4 | 0.226246 | 0.228186 | 0.135044 | 0.154549 | 0.458204 | 1.202229 |
1999Q1 | 0.230138 | 0.230759 | 0.137009 | 0.155785 | 0.464546 | 1.218237 |
1999Q2 | 0.233777 | 0.230035 | 0.138838 | 0.157027 | 0.469354 | 1.229031 |
1999Q3 | 0.238524 | 0.230466 | 0.143674 | 0.157843 | 0.47385 | 1.244357 |
1999Q4 | 0.237166 | 0.23243 | 0.144432 | 0.156519 | 0.473325 | 1.243872 |
2000Q1 | 0.239893 | 0.243053 | 0.146548 | 0.157951 | 0.478226 | 1.265671 |
2000Q2 | 0.239986 | 0.24157 | 0.146444 | 0.158873 | 0.477216 | 1.264089 |
2000Q3 | 0.243661 | 0.24127 | 0.148041 | 0.163443 | 0.484317 | 1.280732 |
2000Q4 | 0.243807 | 0.238932 | 0.149274 | 0.166274 | 0.489106 | 1.287393 |
2001Q1 | 0.24629 | 0.234104 | 0.151998 | 0.169846 | 0.499413 | 1.301651 |
2001Q2 | 0.249798 | 0.231092 | 0.153227 | 0.17075 | 0.507859 | 1.312726 |
2001Q3 | 0.252038 | 0.23654 | 0.157671 | 0.172782 | 0.522342 | 1.341373 |
2001Q4 | 0.256602 | 0.222938 | 0.160441 | 0.176785 | 0.530321 | 1.347087 |
2002Q1 | 0.256554 | 0.219131 | 0.161008 | 0.177111 | 0.539854 | 1.353658 |
2002Q2 | 0.255951 | 0.21141 | 0.162256 | 0.178478 | 0.548999 | 1.357094 |
2002Q3 | 0.251108 | 0.206744 | 0.163785 | 0.178971 | 0.562244 | 1.362852 |
2002Q4 | 0.249493 | 0.204299 | 0.166762 | 0.179849 | 0.579196 | 1.379599 |
2003Q1 | 0.24762 | 0.202384 | 0.168008 | 0.180433 | 0.588348 | 1.386793 |
2003Q2 | 0.246333 | 0.203843 | 0.169917 | 0.181036 | 0.599803 | 1.400932 |
2003Q3 | 0.242867 | 0.196505 | 0.170334 | 0.179137 | 0.605801 | 1.394644 |
2003Q4 | 0.237501 | 0.191882 | 0.171787 | 0.177961 | 0.613983 | 1.393114 |
2004Q1 | 0.236455 | 0.190795 | 0.173117 | 0.178161 | 0.623053 | 1.401581 |
2004Q2 | 0.230704 | 0.189523 | 0.174702 | 0.176885 | 0.63572 | 1.407534 |
2004Q3 | 0.227029 | 0.187267 | 0.176857 | 0.176867 | 0.647477 | 1.415497 |
2004Q4 | 0.223646 | 0.192516 | 0.178539 | 0.176731 | 0.660108 | 1.43154 |
2005Q1 | 0.219592 | 0.193368 | 0.179255 | 0.175477 | 0.664412 | 1.432104 |
2005Q2 | 0.214091 | 0.197487 | 0.182333 | 0.175472 | 0.679154 | 1.448537 |
2005Q3 | 0.2102 | 0.195656 | 0.185047 | 0.174233 | 0.690441 | 1.455577 |
2005Q4 | 0.206286 | 0.196871 | 0.190091 | 0.173413 | 0.703997 | 1.470658 |
2006Q1 | 0.203061 | 0.200599 | 0.192436 | 0.175054 | 0.713673 | 1.484823 |
2006Q2 | 0.202669 | 0.20538 | 0.19491 | 0.173914 | 0.729179 | 1.506052 |
2006Q3 | 0.201186 | 0.207772 | 0.198645 | 0.174951 | 0.741485 | 1.524039 |
2006Q4 | 0.203146 | 0.215087 | 0.20431 | 0.174977 | 0.74651 | 1.54403 |
2007Q1 | 0.202977 | 0.218687 | 0.206861 | 0.1751 | 0.753051 | 1.556676 |
2007Q2 | 0.204178 | 0.227422 | 0.210735 | 0.175265 | 0.757696 | 1.575296 |
2007Q3 | 0.202545 | 0.236004 | 0.215751 | 0.17694 | 0.762772 | 1.594012 |
2007Q4 | 0.203514 | 0.244996 | 0.21972 | 0.178077 | 0.765413 | 1.61172 |
2008Q1 | 0.206069 | 0.256215 | 0.224141 | 0.180987 | 0.770978 | 1.63839 |
2008Q2 | 0.207321 | 0.252157 | 0.225755 | 0.180351 | 0.762412 | 1.627996 |
2008Q3 | 0.209254 | 0.265941 | 0.226825 | 0.179666 | 0.757486 | 1.639172 |
2008Q4 | 0.213941 | 0.255118 | 0.233602 | 0.182135 | 0.766582 | 1.651378 |
2009Q1 | 0.221279 | 0.240873 | 0.236106 | 0.18287 | 0.773952 | 1.65508 |
2009Q2 | 0.224382 | 0.236512 | 0.236029 | 0.181146 | 0.772671 | 1.65074 |
2009Q3 | 0.225279 | 0.228731 | 0.233717 | 0.179159 | 0.76436 | 1.631246 |
2009Q4 | 0.223478 | 0.214329 | 0.227391 | 0.175215 | 0.750972 | 1.591385 |
2010Q1 | 0.226366 | 0.212393 | 0.223685 | 0.172759 | 0.734897 | 1.5701 |
2010Q2 | 0.224773 | 0.207774 | 0.217319 | 0.16925 | 0.720404 | 1.53952 |
2010Q3 | 0.228418 | 0.205832 | 0.211987 | 0.167396 | 0.707127 | 1.52076 |
2010Q4 | 0.227139 | 0.1969 | 0.208287 | 0.173791 | 0.685911 | 1.492028 |
2011Q1 | 0.229526 | 0.20015 | 0.206751 | 0.17545 | 0.681278 | 1.493155 |
2011Q2 | 0.22991 | 0.197895 | 0.201981 | 0.174371 | 0.667538 | 1.471695 |
2011Q3 | 0.2316 | 0.195284 | 0.198824 | 0.17467 | 0.65824 | 1.458618 |
2011Q4 | 0.231505 | 0.196278 | 0.19591 | 0.174557 | 0.64622 | 1.44447 |
2012Q1 | 0.234054 | 0.198906 | 0.192753 | 0.174768 | 0.634863 | 1.435344 |
2012Q2 | 0.235499 | 0.201604 | 0.190635 | 0.176149 | 0.625423 | 1.42931 |
2012Q3 | 0.23941 | 0.202734 | 0.189155 | 0.177305 | 0.61773 | 1.426334 |
2012Q4 | 0.244913 | 0.208822 | 0.190085 | 0.179347 | 0.611905 | 1.435072 |
2013Q1 | 0.247835 | 0.208505 | 0.188187 | 0.18042 | 0.603899 | 1.428846 |
2013Q2 | 0.248838 | 0.211669 | 0.189056 | 0.181927 | 0.599488 | 1.430978 |
2013Q3 | 0.253721 | 0.212869 | 0.188909 | 0.182649 | 0.592288 | 1.430436 |
2013Q4 | 0.252684 | 0.212238 | 0.18881 | 0.182739 | 0.582773 | 1.419244 |
2014Q1 | 0.25761 | 0.216735 | 0.189586 | 0.185056 | 0.580772 | 1.429759 |
2014Q2 | 0.25758 | 0.221081 | 0.188509 | 0.185709 | 0.571211 | 1.42409 |
2014Q3 | 0.25705 | 0.224416 | 0.188077 | 0.186166 | 0.563125 | 1.418834 |
2014Q4 | 0.260443 | 0.227113 | 0.190601 | 0.188005 | 0.561261 | 1.427423 |
2015Q1 | 0.26573 | 0.231091 | 0.192719 | 0.19012 | 0.559251 | 1.438911 |
2015Q2 | 0.26996 | 0.231077 | 0.193249 | 0.191217 | 0.553889 | 1.439392 |
Figure 2: Private Nonfinancial Credit-to-GDP One-Sided Trend
Note: IF.PF.MF denotes insurance companies, pension funds, and long-term mutual funds. Other Nonbanks consists of finance companies, private label ABS issuers, mortgage REITS, funding corporations and broker-dealers. Calculated using an HP filter with lambda=400,000.
Source: FAUS, NIPA, and staff calculations.
A. Disaggregated by Type of Lender
DATES | NONFINANCIAL | IC.PF.MF | TRADITIONAL BANKS | GSES | OTHER NONBANKS | STACKED TOTAL |
---|---|---|---|---|---|---|
1980Q1 | 0.079915 | 0.191674 | 0.518463 | 0.074152 | 0.064016 | 0.92822 |
1980Q2 | 0.081308 | 0.191291 | 0.518756 | 0.075887 | 0.06447 | 0.931712 |
1980Q3 | 0.082758 | 0.190775 | 0.518766 | 0.077585 | 0.064867 | 0.934751 |
1980Q4 | 0.084038 | 0.189829 | 0.51782 | 0.079109 | 0.065053 | 0.935849 |
1981Q1 | 0.085325 | 0.188509 | 0.515522 | 0.080397 | 0.065089 | 0.934842 |
1981Q2 | 0.086905 | 0.187545 | 0.513871 | 0.08167 | 0.065294 | 0.935285 |
1981Q3 | 0.088381 | 0.186569 | 0.511912 | 0.082866 | 0.065497 | 0.935225 |
1981Q4 | 0.089977 | 0.185968 | 0.510186 | 0.08413 | 0.06572 | 0.935981 |
1982Q1 | 0.091781 | 0.185823 | 0.509198 | 0.085605 | 0.06601 | 0.938417 |
1982Q2 | 0.093522 | 0.185637 | 0.508167 | 0.087154 | 0.066322 | 0.940802 |
1982Q3 | 0.095039 | 0.185514 | 0.506902 | 0.08892 | 0.066666 | 0.943041 |
1982Q4 | 0.096633 | 0.18542 | 0.505134 | 0.090955 | 0.066861 | 0.945003 |
1983Q1 | 0.098044 | 0.185269 | 0.503008 | 0.093123 | 0.067067 | 0.946511 |
1983Q2 | 0.099266 | 0.184895 | 0.500512 | 0.095299 | 0.067265 | 0.947237 |
1983Q3 | 0.100249 | 0.184327 | 0.498202 | 0.09748 | 0.067442 | 0.9477 |
1983Q4 | 0.101114 | 0.183628 | 0.496264 | 0.099629 | 0.06756 | 0.948195 |
1984Q1 | 0.101924 | 0.182809 | 0.494781 | 0.101693 | 0.067676 | 0.948883 |
1984Q2 | 0.102659 | 0.182036 | 0.494019 | 0.103591 | 0.067836 | 0.950141 |
1984Q3 | 0.103405 | 0.181488 | 0.493718 | 0.10547 | 0.06804 | 0.952121 |
1984Q4 | 0.103976 | 0.181178 | 0.493985 | 0.107382 | 0.068505 | 0.955026 |
1985Q1 | 0.104966 | 0.181072 | 0.494501 | 0.109327 | 0.069073 | 0.958939 |
1985Q2 | 0.105829 | 0.181264 | 0.495241 | 0.111325 | 0.06976 | 0.963419 |
1985Q3 | 0.10664 | 0.181554 | 0.49599 | 0.113377 | 0.07059 | 0.968151 |
1985Q4 | 0.107223 | 0.182192 | 0.497071 | 0.115547 | 0.07153 | 0.973563 |
1986Q1 | 0.107882 | 0.183176 | 0.498205 | 0.11782 | 0.072514 | 0.979597 |
1986Q2 | 0.108423 | 0.184583 | 0.499388 | 0.120339 | 0.073719 | 0.986452 |
1986Q3 | 0.108847 | 0.186312 | 0.500512 | 0.123195 | 0.075072 | 0.993938 |
1986Q4 | 0.109128 | 0.188088 | 0.50257 | 0.126495 | 0.076166 | 1.002447 |
1987Q1 | 0.109496 | 0.189944 | 0.504446 | 0.130015 | 0.077207 | 1.011108 |
1987Q2 | 0.109689 | 0.191775 | 0.506286 | 0.133652 | 0.07828 | 1.019682 |
1987Q3 | 0.109682 | 0.193648 | 0.508284 | 0.137345 | 0.079332 | 1.028291 |
1987Q4 | 0.109529 | 0.195465 | 0.509873 | 0.140861 | 0.080415 | 1.036143 |
1988Q1 | 0.109496 | 0.197343 | 0.51183 | 0.14421 | 0.081551 | 1.04443 |
1988Q2 | 0.109383 | 0.199296 | 0.513656 | 0.147403 | 0.0827 | 1.052438 |
1988Q3 | 0.109256 | 0.201358 | 0.515378 | 0.15055 | 0.083732 | 1.060274 |
1988Q4 | 0.10903 | 0.203508 | 0.517027 | 0.153579 | 0.084774 | 1.067918 |
1989Q1 | 0.108584 | 0.205547 | 0.518503 | 0.156513 | 0.086018 | 1.075165 |
1989Q2 | 0.108 | 0.207668 | 0.519816 | 0.15939 | 0.087301 | 1.082175 |
1989Q3 | 0.107308 | 0.209812 | 0.520892 | 0.162337 | 0.088625 | 1.088974 |
1989Q4 | 0.106625 | 0.212079 | 0.521747 | 0.165514 | 0.090118 | 1.096083 |
1990Q1 | 0.105962 | 0.214219 | 0.52227 | 0.168688 | 0.091528 | 1.102667 |
1990Q2 | 0.105348 | 0.216294 | 0.522187 | 0.17191 | 0.093054 | 1.108793 |
1990Q3 | 0.104884 | 0.218289 | 0.521728 | 0.175221 | 0.094603 | 1.114725 |
1990Q4 | 0.104513 | 0.220355 | 0.521047 | 0.178826 | 0.096204 | 1.120945 |
1991Q1 | 0.104192 | 0.22242 | 0.519958 | 0.182523 | 0.097838 | 1.126931 |
1991Q2 | 0.103873 | 0.224394 | 0.518169 | 0.186243 | 0.099556 | 1.132235 |
1991Q3 | 0.103542 | 0.226215 | 0.515653 | 0.189993 | 0.101149 | 1.136552 |
1991Q4 | 0.103115 | 0.227853 | 0.512673 | 0.193806 | 0.10282 | 1.140267 |
1992Q1 | 0.102602 | 0.22938 | 0.509171 | 0.197534 | 0.104523 | 1.14321 |
1992Q2 | 0.101965 | 0.230722 | 0.505046 | 0.201252 | 0.106129 | 1.145114 |
1992Q3 | 0.101228 | 0.231891 | 0.500524 | 0.204887 | 0.107824 | 1.146354 |
1992Q4 | 0.100407 | 0.232922 | 0.495674 | 0.208493 | 0.10943 | 1.146926 |
1993Q1 | 0.099485 | 0.234242 | 0.490814 | 0.212116 | 0.110776 | 1.147433 |
1993Q2 | 0.09845 | 0.235744 | 0.485973 | 0.215583 | 0.112148 | 1.147898 |
1993Q3 | 0.097359 | 0.237394 | 0.481179 | 0.219051 | 0.113495 | 1.148478 |
1993Q4 | 0.096248 | 0.238951 | 0.476355 | 0.222388 | 0.114758 | 1.1487 |
1994Q1 | 0.095002 | 0.240528 | 0.471522 | 0.225806 | 0.115999 | 1.148857 |
1994Q2 | 0.093737 | 0.241953 | 0.466825 | 0.229066 | 0.117133 | 1.148714 |
1994Q3 | 0.092494 | 0.243321 | 0.462533 | 0.232165 | 0.118271 | 1.148784 |
1994Q4 | 0.091337 | 0.244565 | 0.458613 | 0.234978 | 0.119403 | 1.148896 |
1995Q1 | 0.090142 | 0.245733 | 0.455304 | 0.237638 | 0.120626 | 1.149443 |
1995Q2 | 0.088933 | 0.246988 | 0.45241 | 0.240192 | 0.122022 | 1.150545 |
1995Q3 | 0.087678 | 0.248148 | 0.449704 | 0.24265 | 0.123523 | 1.151703 |
1995Q4 | 0.086299 | 0.249331 | 0.447072 | 0.245125 | 0.125116 | 1.152943 |
1996Q1 | 0.084952 | 0.250509 | 0.44451 | 0.247539 | 0.126892 | 1.154402 |
1996Q2 | 0.083517 | 0.251528 | 0.441947 | 0.249796 | 0.128687 | 1.155475 |
1996Q3 | 0.082024 | 0.252418 | 0.439721 | 0.251958 | 0.130441 | 1.156562 |
1996Q4 | 0.080576 | 0.25314 | 0.437447 | 0.254 | 0.132175 | 1.157338 |
1997Q1 | 0.079112 | 0.25384 | 0.435405 | 0.255921 | 0.133932 | 1.15821 |
1997Q2 | 0.077673 | 0.254527 | 0.433562 | 0.257592 | 0.135557 | 1.158911 |
1997Q3 | 0.076292 | 0.2553 | 0.431603 | 0.259071 | 0.13745 | 1.159716 |
1997Q4 | 0.075066 | 0.255976 | 0.429719 | 0.260526 | 0.139426 | 1.160713 |
1998Q1 | 0.073816 | 0.256997 | 0.428011 | 0.261895 | 0.141659 | 1.162378 |
1998Q2 | 0.072579 | 0.258275 | 0.426391 | 0.263347 | 0.144203 | 1.164795 |
1998Q3 | 0.071267 | 0.25955 | 0.424722 | 0.264835 | 0.146903 | 1.167277 |
1998Q4 | 0.070012 | 0.260652 | 0.423056 | 0.266279 | 0.149821 | 1.16982 |
1999Q1 | 0.068741 | 0.261905 | 0.421419 | 0.26801 | 0.152912 | 1.172987 |
1999Q2 | 0.067498 | 0.263317 | 0.419802 | 0.269859 | 0.156122 | 1.176598 |
1999Q3 | 0.066396 | 0.264916 | 0.418495 | 0.271711 | 0.159429 | 1.180947 |
1999Q4 | 0.06529 | 0.26635 | 0.417312 | 0.273413 | 0.162569 | 1.184934 |
2000Q1 | 0.064184 | 0.267854 | 0.416636 | 0.275053 | 0.165866 | 1.189593 |
2000Q2 | 0.063085 | 0.269271 | 0.416245 | 0.276475 | 0.169045 | 1.194121 |
2000Q3 | 0.062055 | 0.270821 | 0.416161 | 0.278039 | 0.172352 | 1.199428 |
2000Q4 | 0.06106 | 0.272299 | 0.416044 | 0.279754 | 0.175908 | 1.205065 |
2001Q1 | 0.060076 | 0.273827 | 0.416235 | 0.28156 | 0.179741 | 1.211439 |
2001Q2 | 0.059094 | 0.275444 | 0.416338 | 0.283675 | 0.183652 | 1.218203 |
2001Q3 | 0.058201 | 0.277127 | 0.416505 | 0.286343 | 0.187683 | 1.225859 |
2001Q4 | 0.057368 | 0.27898 | 0.416677 | 0.289192 | 0.191735 | 1.233952 |
2002Q1 | 0.056513 | 0.28074 | 0.416658 | 0.292411 | 0.19581 | 1.242132 |
2002Q2 | 0.055686 | 0.282375 | 0.416467 | 0.29583 | 0.199934 | 1.250292 |
2002Q3 | 0.054927 | 0.283663 | 0.416594 | 0.299215 | 0.204096 | 1.258495 |
2002Q4 | 0.05423 | 0.284804 | 0.417179 | 0.302764 | 0.208352 | 1.267329 |
2003Q1 | 0.053504 | 0.28577 | 0.417879 | 0.306423 | 0.212622 | 1.276198 |
2003Q2 | 0.052815 | 0.286605 | 0.41863 | 0.310161 | 0.216851 | 1.285062 |
2003Q3 | 0.052136 | 0.287157 | 0.419255 | 0.313837 | 0.220962 | 1.293347 |
2003Q4 | 0.051397 | 0.287347 | 0.420039 | 0.317649 | 0.22501 | 1.301442 |
2004Q1 | 0.050679 | 0.28743 | 0.421142 | 0.321003 | 0.229381 | 1.309635 |
2004Q2 | 0.050023 | 0.287154 | 0.422505 | 0.323943 | 0.234138 | 1.317763 |
2004Q3 | 0.049444 | 0.286659 | 0.424071 | 0.326507 | 0.239315 | 1.325996 |
2004Q4 | 0.048919 | 0.285961 | 0.426005 | 0.328702 | 0.244917 | 1.334504 |
2005Q1 | 0.04836 | 0.285017 | 0.428018 | 0.330471 | 0.25073 | 1.342596 |
2005Q2 | 0.047858 | 0.28377 | 0.430527 | 0.332047 | 0.257026 | 1.351228 |
2005Q3 | 0.047421 | 0.28232 | 0.433229 | 0.333323 | 0.263618 | 1.359911 |
2005Q4 | 0.046997 | 0.280694 | 0.436023 | 0.334519 | 0.270962 | 1.369195 |
2006Q1 | 0.046884 | 0.278913 | 0.438953 | 0.335605 | 0.278447 | 1.378802 |
2006Q2 | 0.046769 | 0.277168 | 0.442207 | 0.336716 | 0.286303 | 1.389163 |
2006Q3 | 0.046648 | 0.275399 | 0.44568 | 0.337899 | 0.294474 | 1.4001 |
2006Q4 | 0.046523 | 0.273881 | 0.449173 | 0.339134 | 0.302815 | 1.411526 |
2007Q1 | 0.046429 | 0.27244 | 0.452507 | 0.34052 | 0.311301 | 1.423197 |
2007Q2 | 0.046339 | 0.271153 | 0.455882 | 0.342079 | 0.319709 | 1.435162 |
2007Q3 | 0.046246 | 0.26984 | 0.459661 | 0.344043 | 0.327818 | 1.447608 |
2007Q4 | 0.046157 | 0.268661 | 0.46373 | 0.346625 | 0.335171 | 1.460344 |
2008Q1 | 0.04612 | 0.267694 | 0.468312 | 0.349674 | 0.342114 | 1.473914 |
2008Q2 | 0.046128 | 0.266831 | 0.472538 | 0.353045 | 0.348174 | 1.486716 |
2008Q3 | 0.046161 | 0.26614 | 0.476775 | 0.356657 | 0.353488 | 1.499221 |
2008Q4 | 0.046312 | 0.265778 | 0.481508 | 0.360938 | 0.358189 | 1.512725 |
2009Q1 | 0.046582 | 0.265814 | 0.485906 | 0.365632 | 0.362147 | 1.526081 |
2009Q2 | 0.047007 | 0.265985 | 0.489729 | 0.370648 | 0.365214 | 1.538583 |
2009Q3 | 0.047611 | 0.266156 | 0.492471 | 0.375846 | 0.367326 | 1.54941 |
2009Q4 | 0.048333 | 0.266048 | 0.494064 | 0.380865 | 0.368156 | 1.557466 |
2010Q1 | 0.049084 | 0.266061 | 0.496593 | 0.385434 | 0.366759 | 1.563931 |
2010Q2 | 0.049838 | 0.265945 | 0.498274 | 0.389676 | 0.364603 | 1.568336 |
2010Q3 | 0.05071 | 0.266008 | 0.49931 | 0.393505 | 0.361855 | 1.571388 |
2010Q4 | 0.051649 | 0.265971 | 0.499675 | 0.39703 | 0.358123 | 1.572448 |
2011Q1 | 0.052733 | 0.266101 | 0.499642 | 0.400611 | 0.354087 | 1.573174 |
2011Q2 | 0.05381 | 0.26628 | 0.498999 | 0.403753 | 0.349663 | 1.572505 |
2011Q3 | 0.054949 | 0.266535 | 0.498223 | 0.4065 | 0.344929 | 1.571136 |
2011Q4 | 0.05607 | 0.266761 | 0.497322 | 0.408793 | 0.339973 | 1.568919 |
2012Q1 | 0.057221 | 0.267107 | 0.496382 | 0.41072 | 0.334649 | 1.566079 |
2012Q2 | 0.058416 | 0.267534 | 0.495589 | 0.412347 | 0.329067 | 1.562953 |
2012Q3 | 0.059651 | 0.268158 | 0.494709 | 0.413736 | 0.323287 | 1.559541 |
2012Q4 | 0.060895 | 0.26908 | 0.494037 | 0.414974 | 0.317498 | 1.556484 |
2013Q1 | 0.062174 | 0.27014 | 0.493202 | 0.415945 | 0.311559 | 1.55302 |
2013Q2 | 0.063483 | 0.271287 | 0.492365 | 0.416906 | 0.305599 | 1.54964 |
2013Q3 | 0.064784 | 0.272689 | 0.491436 | 0.417759 | 0.299544 | 1.546212 |
2013Q4 | 0.066069 | 0.274007 | 0.490225 | 0.418379 | 0.29339 | 1.54207 |
2014Q1 | 0.067419 | 0.275613 | 0.489382 | 0.418839 | 0.287259 | 1.538512 |
2014Q2 | 0.068737 | 0.277139 | 0.488658 | 0.418899 | 0.281048 | 1.534481 |
2014Q3 | 0.070024 | 0.278584 | 0.487872 | 0.418704 | 0.274871 | 1.530055 |
2014Q4 | 0.071319 | 0.280165 | 0.487319 | 0.418493 | 0.268875 | 1.526171 |
2015Q1 | 0.072649 | 0.282009 | 0.487233 | 0.418122 | 0.262984 | 1.522997 |
2015Q2 | 0.073948 | 0.283993 | 0.487178 | 0.417624 | 0.257089 | 1.519832 |
B. Disaggregated by Type of Credit
DATES | BF CORPORATE BONDS AND CP | NF BUSINESS CREDIT | COMMERCIAL MORTGAGES | CONSUMER CREDIT | HOME MORTGAGES | STACKED TOTAL |
---|---|---|---|---|---|---|
1980Q1 | 0.144749 | 0.205878 | 0.177519 | 0.124486 | 0.290778 | 0.94341 |
1980Q2 | 0.144199 | 0.206495 | 0.177473 | 0.124615 | 0.293575 | 0.946357 |
1980Q3 | 0.143538 | 0.207119 | 0.17738 | 0.124587 | 0.29638 | 0.949004 |
1980Q4 | 0.142623 | 0.2077 | 0.17699 | 0.124263 | 0.298655 | 0.950231 |
1981Q1 | 0.141495 | 0.207955 | 0.176366 | 0.123711 | 0.300252 | 0.949779 |
1981Q2 | 0.140574 | 0.208681 | 0.175968 | 0.123221 | 0.301982 | 0.950426 |
1981Q3 | 0.139659 | 0.209479 | 0.175552 | 0.122675 | 0.303304 | 0.950669 |
1981Q4 | 0.138972 | 0.210554 | 0.175253 | 0.122141 | 0.304744 | 0.951664 |
1982Q1 | 0.138571 | 0.211918 | 0.175196 | 0.121769 | 0.306486 | 0.95394 |
1982Q2 | 0.138131 | 0.213506 | 0.175167 | 0.121386 | 0.307992 | 0.956182 |
1982Q3 | 0.137721 | 0.215344 | 0.1752 | 0.120989 | 0.309136 | 0.95839 |
1982Q4 | 0.137319 | 0.216946 | 0.175301 | 0.120626 | 0.310265 | 0.960457 |
1983Q1 | 0.136893 | 0.218271 | 0.175416 | 0.120237 | 0.311347 | 0.962164 |
1983Q2 | 0.13635 | 0.219373 | 0.17553 | 0.119822 | 0.312242 | 0.963317 |
1983Q3 | 0.13569 | 0.220392 | 0.175647 | 0.119441 | 0.313052 | 0.964222 |
1983Q4 | 0.134947 | 0.221327 | 0.175812 | 0.1192 | 0.313846 | 0.965132 |
1984Q1 | 0.134198 | 0.222328 | 0.176027 | 0.119068 | 0.314626 | 0.966247 |
1984Q2 | 0.13353 | 0.223443 | 0.176398 | 0.119136 | 0.315385 | 0.967892 |
1984Q3 | 0.133074 | 0.224543 | 0.176966 | 0.119338 | 0.316185 | 0.970106 |
1984Q4 | 0.132824 | 0.225832 | 0.177706 | 0.119703 | 0.317151 | 0.973216 |
1985Q1 | 0.132737 | 0.227044 | 0.178376 | 0.120246 | 0.318732 | 0.977135 |
1985Q2 | 0.132889 | 0.228202 | 0.179183 | 0.120927 | 0.320428 | 0.981629 |
1985Q3 | 0.133153 | 0.2293 | 0.17999 | 0.121704 | 0.32222 | 0.986367 |
1985Q4 | 0.13367 | 0.230613 | 0.180784 | 0.122586 | 0.32432 | 0.991973 |
1986Q1 | 0.134474 | 0.231889 | 0.181633 | 0.123502 | 0.326606 | 0.998104 |
1986Q2 | 0.135632 | 0.233096 | 0.182564 | 0.124532 | 0.32925 | 1.005074 |
1986Q3 | 0.137058 | 0.234262 | 0.183545 | 0.125612 | 0.332296 | 1.012773 |
1986Q4 | 0.138525 | 0.236051 | 0.184713 | 0.126676 | 0.335548 | 1.021513 |
1987Q1 | 0.140102 | 0.237379 | 0.186196 | 0.127543 | 0.339006 | 1.030226 |
1987Q2 | 0.141681 | 0.238553 | 0.187635 | 0.128376 | 0.342715 | 1.03896 |
1987Q3 | 0.143315 | 0.239752 | 0.18901 | 0.129206 | 0.346507 | 1.04779 |
1987Q4 | 0.14493 | 0.24062 | 0.190324 | 0.129927 | 0.349928 | 1.055729 |
1988Q1 | 0.146583 | 0.241607 | 0.191695 | 0.130677 | 0.353563 | 1.064125 |
1988Q2 | 0.148318 | 0.24247 | 0.192945 | 0.131358 | 0.357217 | 1.072308 |
1988Q3 | 0.150133 | 0.243274 | 0.194082 | 0.131983 | 0.360938 | 1.08041 |
1988Q4 | 0.152015 | 0.243992 | 0.195213 | 0.132514 | 0.364628 | 1.088362 |
1989Q1 | 0.15381 | 0.244631 | 0.196281 | 0.133151 | 0.368074 | 1.095947 |
1989Q2 | 0.155678 | 0.245307 | 0.197207 | 0.133756 | 0.371489 | 1.103437 |
1989Q3 | 0.157542 | 0.245733 | 0.198027 | 0.13431 | 0.375052 | 1.110664 |
1989Q4 | 0.159472 | 0.246367 | 0.198719 | 0.134898 | 0.378774 | 1.11823 |
1990Q1 | 0.161273 | 0.246866 | 0.199264 | 0.135334 | 0.382664 | 1.125401 |
1990Q2 | 0.163007 | 0.24728 | 0.19959 | 0.135684 | 0.38663 | 1.132191 |
1990Q3 | 0.164712 | 0.247636 | 0.199844 | 0.136021 | 0.390644 | 1.138857 |
1990Q4 | 0.166455 | 0.248092 | 0.200099 | 0.136331 | 0.394901 | 1.145878 |
1991Q1 | 0.168194 | 0.248049 | 0.200359 | 0.13659 | 0.399258 | 1.15245 |
1991Q2 | 0.169911 | 0.247609 | 0.200477 | 0.136707 | 0.403562 | 1.158266 |
1991Q3 | 0.17154 | 0.24701 | 0.200276 | 0.136682 | 0.407555 | 1.163063 |
1991Q4 | 0.173127 | 0.246076 | 0.19987 | 0.136558 | 0.411592 | 1.167223 |
1992Q1 | 0.174685 | 0.244846 | 0.199219 | 0.136332 | 0.415482 | 1.170564 |
1992Q2 | 0.176154 | 0.243415 | 0.198314 | 0.135969 | 0.41901 | 1.172862 |
1992Q3 | 0.177535 | 0.241855 | 0.197162 | 0.135539 | 0.422403 | 1.174494 |
1992Q4 | 0.178851 | 0.240199 | 0.195696 | 0.135052 | 0.425619 | 1.175417 |
1993Q1 | 0.180489 | 0.238375 | 0.194116 | 0.134589 | 0.428668 | 1.176237 |
1993Q2 | 0.182361 | 0.236397 | 0.192363 | 0.134139 | 0.431681 | 1.176941 |
1993Q3 | 0.184413 | 0.234444 | 0.190496 | 0.133762 | 0.434637 | 1.177752 |
1993Q4 | 0.18647 | 0.232426 | 0.188518 | 0.133466 | 0.437335 | 1.178215 |
1994Q1 | 0.188584 | 0.230535 | 0.186394 | 0.133278 | 0.439875 | 1.178666 |
1994Q2 | 0.190584 | 0.228642 | 0.184161 | 0.133218 | 0.442155 | 1.17876 |
1994Q3 | 0.192528 | 0.226896 | 0.181898 | 0.13333 | 0.444339 | 1.178991 |
1994Q4 | 0.194404 | 0.225347 | 0.179498 | 0.133614 | 0.446363 | 1.179226 |
1995Q1 | 0.196189 | 0.224084 | 0.177136 | 0.134088 | 0.448335 | 1.179832 |
1995Q2 | 0.198052 | 0.223038 | 0.174804 | 0.13475 | 0.450316 | 1.18096 |
1995Q3 | 0.199784 | 0.222143 | 0.172491 | 0.135556 | 0.452186 | 1.18216 |
1995Q4 | 0.201458 | 0.221417 | 0.170153 | 0.136486 | 0.453909 | 1.183423 |
1996Q1 | 0.203122 | 0.220674 | 0.167861 | 0.137491 | 0.455792 | 1.18494 |
1996Q2 | 0.204654 | 0.219919 | 0.165565 | 0.138475 | 0.457448 | 1.186061 |
1996Q3 | 0.206056 | 0.219359 | 0.163293 | 0.139479 | 0.45903 | 1.187217 |
1996Q4 | 0.207328 | 0.218695 | 0.161065 | 0.140493 | 0.460443 | 1.188024 |
1997Q1 | 0.20857 | 0.218251 | 0.158858 | 0.141425 | 0.461832 | 1.188936 |
1997Q2 | 0.209799 | 0.217918 | 0.156716 | 0.142295 | 0.463005 | 1.189733 |
1997Q3 | 0.211113 | 0.217639 | 0.154669 | 0.143115 | 0.464196 | 1.190732 |
1997Q4 | 0.212337 | 0.21765 | 0.152735 | 0.143956 | 0.465292 | 1.19197 |
1998Q1 | 0.213886 | 0.217758 | 0.150934 | 0.144719 | 0.466596 | 1.193893 |
1998Q2 | 0.215668 | 0.218074 | 0.149249 | 0.145607 | 0.467999 | 1.196597 |
1998Q3 | 0.217452 | 0.218394 | 0.14765 | 0.14646 | 0.469342 | 1.199298 |
1998Q4 | 0.219062 | 0.218795 | 0.146185 | 0.147257 | 0.470748 | 1.202047 |
1999Q1 | 0.220807 | 0.219329 | 0.144891 | 0.14809 | 0.472405 | 1.205522 |
1999Q2 | 0.22267 | 0.219812 | 0.143756 | 0.148957 | 0.474222 | 1.209417 |
1999Q3 | 0.224709 | 0.220308 | 0.14294 | 0.149833 | 0.476178 | 1.213968 |
1999Q4 | 0.226582 | 0.2209 | 0.142212 | 0.150601 | 0.477996 | 1.218291 |
2000Q1 | 0.228519 | 0.222058 | 0.141642 | 0.151415 | 0.479974 | 1.223608 |
2000Q2 | 0.230372 | 0.223105 | 0.141106 | 0.152245 | 0.481787 | 1.228615 |
2000Q3 | 0.23234 | 0.224106 | 0.140694 | 0.153289 | 0.483881 | 1.23431 |
2000Q4 | 0.234225 | 0.224951 | 0.140384 | 0.154447 | 0.486124 | 1.240131 |
2001Q1 | 0.236158 | 0.225506 | 0.140253 | 0.155756 | 0.488813 | 1.246486 |
2001Q2 | 0.238193 | 0.22588 | 0.140215 | 0.157064 | 0.491833 | 1.253185 |
2001Q3 | 0.240257 | 0.22654 | 0.140443 | 0.158432 | 0.495505 | 1.261177 |
2001Q4 | 0.242476 | 0.226434 | 0.140836 | 0.159967 | 0.499455 | 1.269168 |
2002Q1 | 0.244592 | 0.226121 | 0.141268 | 0.161462 | 0.503757 | 1.2772 |
2002Q2 | 0.246578 | 0.225391 | 0.141776 | 0.162973 | 0.50838 | 1.285098 |
2002Q3 | 0.248205 | 0.224424 | 0.142371 | 0.164453 | 0.513537 | 1.29299 |
2002Q4 | 0.249659 | 0.22335 | 0.14313 | 0.165922 | 0.519415 | 1.301476 |
2003Q1 | 0.250931 | 0.2222 | 0.143951 | 0.167365 | 0.525564 | 1.310011 |
2003Q2 | 0.252057 | 0.221162 | 0.144869 | 0.168781 | 0.5321 | 1.318969 |
2003Q3 | 0.252923 | 0.219753 | 0.145798 | 0.170035 | 0.53871 | 1.327219 |
2003Q4 | 0.253433 | 0.218132 | 0.146794 | 0.17117 | 0.54551 | 1.335039 |
2004Q1 | 0.253833 | 0.2165 | 0.147846 | 0.172264 | 0.55254 | 1.342983 |
2004Q2 | 0.25387 | 0.214848 | 0.148967 | 0.173237 | 0.559986 | 1.350908 |
2004Q3 | 0.253668 | 0.213124 | 0.150183 | 0.174162 | 0.567785 | 1.358922 |
2004Q4 | 0.253251 | 0.211742 | 0.151466 | 0.175033 | 0.575971 | 1.367463 |
2005Q1 | 0.252589 | 0.210453 | 0.15276 | 0.175791 | 0.584074 | 1.375667 |
2005Q2 | 0.251612 | 0.209433 | 0.154192 | 0.176506 | 0.592664 | 1.384407 |
2005Q3 | 0.250418 | 0.208351 | 0.155738 | 0.177112 | 0.601534 | 1.393153 |
2005Q4 | 0.249013 | 0.207374 | 0.15752 | 0.177636 | 0.610798 | 1.402341 |
2006Q1 | 0.247442 | 0.206639 | 0.159383 | 0.178215 | 0.620227 | 1.411906 |
2006Q2 | 0.245868 | 0.206197 | 0.16133 | 0.178695 | 0.630133 | 1.422223 |
2006Q3 | 0.244233 | 0.205908 | 0.163426 | 0.179198 | 0.640322 | 1.433087 |
2006Q4 | 0.242728 | 0.206038 | 0.165772 | 0.179668 | 0.650384 | 1.44459 |
2007Q1 | 0.241235 | 0.206372 | 0.168189 | 0.180112 | 0.660402 | 1.45631 |
2007Q2 | 0.239831 | 0.207185 | 0.170745 | 0.180533 | 0.670268 | 1.468562 |
2007Q3 | 0.238359 | 0.208454 | 0.173496 | 0.181015 | 0.680006 | 1.48133 |
2007Q4 | 0.236966 | 0.210187 | 0.17638 | 0.181526 | 0.689483 | 1.494542 |
2008Q1 | 0.235738 | 0.212493 | 0.179414 | 0.182164 | 0.698863 | 1.508672 |
2008Q2 | 0.2346 | 0.214519 | 0.182439 | 0.182729 | 0.707372 | 1.521659 |
2008Q3 | 0.233587 | 0.217245 | 0.185424 | 0.183223 | 0.71523 | 1.534709 |
2008Q4 | 0.23285 | 0.219305 | 0.18868 | 0.183819 | 0.723221 | 1.547875 |
2009Q1 | 0.232524 | 0.220528 | 0.191964 | 0.18442 | 0.731245 | 1.560681 |
2009Q2 | 0.23237 | 0.221477 | 0.195131 | 0.184892 | 0.738825 | 1.572695 |
2009Q3 | 0.23226 | 0.221971 | 0.198062 | 0.185223 | 0.745589 | 1.583105 |
2009Q4 | 0.232047 | 0.221661 | 0.200542 | 0.185311 | 0.751278 | 1.590839 |
2010Q1 | 0.231991 | 0.22125 | 0.202724 | 0.185245 | 0.755777 | 1.596987 |
2010Q2 | 0.231842 | 0.220596 | 0.204471 | 0.184971 | 0.759204 | 1.601084 |
2010Q3 | 0.231889 | 0.219852 | 0.20585 | 0.184586 | 0.761658 | 1.603835 |
2010Q4 | 0.231859 | 0.218638 | 0.206961 | 0.184546 | 0.762734 | 1.604738 |
2011Q1 | 0.231953 | 0.217635 | 0.207929 | 0.184582 | 0.763379 | 1.605478 |
2011Q2 | 0.23206 | 0.216537 | 0.208582 | 0.184544 | 0.763112 | 1.604835 |
2011Q3 | 0.23225 | 0.215327 | 0.209016 | 0.184508 | 0.762203 | 1.603304 |
2011Q4 | 0.232424 | 0.214207 | 0.209251 | 0.184452 | 0.760527 | 1.600861 |
2012Q1 | 0.232726 | 0.213264 | 0.20928 | 0.184397 | 0.758145 | 1.597812 |
2012Q2 | 0.233092 | 0.212499 | 0.209166 | 0.184404 | 0.755189 | 1.59435 |
2012Q3 | 0.233656 | 0.21182 | 0.208949 | 0.184462 | 0.751773 | 1.59066 |
2012Q4 | 0.234499 | 0.211498 | 0.208765 | 0.184618 | 0.74802 | 1.5874 |
2013Q1 | 0.235472 | 0.211171 | 0.208458 | 0.184815 | 0.743825 | 1.583741 |
2013Q2 | 0.236465 | 0.211032 | 0.208184 | 0.185078 | 0.739403 | 1.580162 |
2013Q3 | 0.237691 | 0.210967 | 0.207887 | 0.185361 | 0.734614 | 1.57652 |
2013Q4 | 0.238817 | 0.210874 | 0.207573 | 0.185629 | 0.729348 | 1.572241 |
2014Q1 | 0.240172 | 0.211034 | 0.207289 | 0.186004 | 0.724035 | 1.568534 |
2014Q2 | 0.241478 | 0.211431 | 0.206934 | 0.186394 | 0.71827 | 1.564507 |
2014Q3 | 0.242709 | 0.212004 | 0.206547 | 0.186786 | 0.712152 | 1.560198 |
2014Q4 | 0.24408 | 0.212713 | 0.206291 | 0.187256 | 0.706037 | 1.556377 |
2015Q1 | 0.24569 | 0.213622 | 0.206141 | 0.187817 | 0.699925 | 1.553195 |
2015Q2 | 0.247474 | 0.214507 | 0.206007 | 0.188411 | 0.693637 | 1.550036 |
Figure 3: Private Nonfinancial Credit-to-GDP
Note: IF.PF.MF denotes insurance companies, pension funds, and long-term mutual funds. Other Nonbanks consists of finance companies, private label ABS issuers, mortgage REITS, funding corporations and broker-dealers. Calculated using an HP filter with lambda=400,000.
Source: FAUS, NIPA, and staff calculations.
A. Disaggregated by Type of Lender, One-Sided Gap
DATES | NONFINANCIAL | IC.PF.MF | TRADITIONAL BANKS | GSES | OTHER NONBANKS |
---|---|---|---|---|---|
1980Q1 | 0.011815 | 0.002798 | -0.007043 | 0.004915 | 0.004636 |
1980Q2 | 0.014132 | 0.010201 | -0.010695 | 0.005533 | 0.004073 |
1980Q3 | 0.014484 | 0.008726 | -0.013355 | 0.00509 | 0.003449 |
1980Q4 | 0.012531 | 0.004227 | -0.022855 | 0.003236 | 0.001252 |
1981Q1 | 0.012421 | 0.000278 | -0.036551 | 0.00074 | -0.000314 |
1981Q2 | 0.015343 | 0.004044 | -0.02913 | 0.000575 | 0.001465 |
1981Q3 | 0.013979 | 0.003862 | -0.032029 | -0.00028 | 0.001429 |
1981Q4 | 0.015095 | 0.007934 | -0.028969 | 0.000492 | 0.001634 |
1982Q1 | 0.017193 | 0.012953 | -0.020219 | 0.002849 | 0.002351 |
1982Q2 | 0.016214 | 0.01228 | -0.020395 | 0.003649 | 0.002581 |
1982Q3 | 0.013358 | 0.012816 | -0.022817 | 0.006135 | 0.002904 |
1982Q4 | 0.014052 | 0.01298 | -0.028433 | 0.009236 | 0.001097 |
1983Q1 | 0.011629 | 0.012078 | -0.032318 | 0.01069 | 0.001208 |
1983Q2 | 0.009122 | 0.009136 | -0.036343 | 0.010616 | 0.00108 |
1983Q3 | 0.005997 | 0.00659 | -0.033437 | 0.010508 | 0.000817 |
1983Q4 | 0.004393 | 0.004811 | -0.028192 | 0.009937 | 0.000045 |
1984Q1 | 0.003633 | 0.003205 | -0.021883 | 0.008686 | 0.000029 |
1984Q2 | 0.002575 | 0.003732 | -0.012118 | 0.006382 | 0.000605 |
1984Q3 | 0.00269 | 0.006651 | -0.005822 | 0.006013 | 0.001165 |
1984Q4 | 0.000306 | 0.009736 | 0.001878 | 0.006352 | 0.004649 |
1985Q1 | 0.005978 | 0.012335 | 0.005226 | 0.006695 | 0.005951 |
1985Q2 | 0.004121 | 0.0162 | 0.008227 | 0.007317 | 0.007502 |
1985Q3 | 0.003332 | 0.017278 | 0.008185 | 0.007926 | 0.009342 |
1985Q4 | 0.000069 | 0.021867 | 0.012725 | 0.009439 | 0.010735 |
1986Q1 | 0.001157 | 0.026391 | 0.013234 | 0.010742 | 0.011156 |
1986Q2 | -0.000572 | 0.031991 | 0.013701 | 0.014083 | 0.014132 |
1986Q3 | -0.002265 | 0.036053 | 0.012593 | 0.018701 | 0.016013 |
1986Q4 | -0.0043 | 0.03606 | 0.026029 | 0.024849 | 0.011917 |
1987Q1 | -0.002948 | 0.036551 | 0.022858 | 0.027639 | 0.010897 |
1987Q2 | -0.005483 | 0.035457 | 0.02185 | 0.028834 | 0.011161 |
1987Q3 | -0.008403 | 0.035399 | 0.023813 | 0.029117 | 0.010628 |
1987Q4 | -0.010451 | 0.033844 | 0.017122 | 0.025839 | 0.010882 |
1988Q1 | -0.008393 | 0.03407 | 0.022411 | 0.02276 | 0.01147 |
1988Q2 | -0.009455 | 0.034542 | 0.019919 | 0.019889 | 0.011449 |
1988Q3 | -0.00947 | 0.035508 | 0.017883 | 0.018759 | 0.009385 |
1988Q4 | -0.010829 | 0.036129 | 0.016373 | 0.016509 | 0.009336 |
1989Q1 | -0.014053 | 0.033603 | 0.013298 | 0.014663 | 0.012312 |
1989Q2 | -0.015925 | 0.034177 | 0.010435 | 0.01345 | 0.012675 |
1989Q3 | -0.017313 | 0.033787 | 0.006425 | 0.014268 | 0.013037 |
1989Q4 | -0.016765 | 0.034999 | 0.00274 | 0.017634 | 0.015467 |
1990Q1 | -0.016067 | 0.032188 | -0.002667 | 0.017172 | 0.013763 |
1990Q2 | -0.014928 | 0.030375 | -0.012406 | 0.017573 | 0.015338 |
1990Q3 | -0.012125 | 0.028396 | -0.018233 | 0.018619 | 0.015365 |
1990Q4 | -0.01033 | 0.028882 | -0.021423 | 0.02297 | 0.015849 |
1991Q1 | -0.009261 | 0.028194 | -0.027612 | 0.023945 | 0.016014 |
1991Q2 | -0.009028 | 0.026026 | -0.038477 | 0.023759 | 0.017028 |
1991Q3 | -0.008995 | 0.022875 | -0.049582 | 0.023678 | 0.014543 |
1991Q4 | -0.010371 | 0.019271 | -0.056059 | 0.024156 | 0.015486 |
1992Q1 | -0.01154 | 0.016972 | -0.063363 | 0.022149 | 0.015637 |
1992Q2 | -0.013328 | 0.013452 | -0.072213 | 0.021423 | 0.013628 |
1992Q3 | -0.014681 | 0.010227 | -0.077045 | 0.019518 | 0.01479 |
1992Q4 | -0.015707 | 0.00766 | -0.080621 | 0.018527 | 0.01292 |
1993Q1 | -0.017029 | 0.012339 | -0.07877 | 0.01836 | 0.008218 |
1993Q2 | -0.018488 | 0.015073 | -0.076431 | 0.01526 | 0.008461 |
1993Q3 | -0.018957 | 0.017193 | -0.07368 | 0.01489 | 0.007816 |
1993Q4 | -0.01881 | 0.015188 | -0.072287 | 0.012281 | 0.006174 |
1994Q1 | -0.020612 | 0.015109 | -0.070572 | 0.013332 | 0.005668 |
1994Q2 | -0.020393 | 0.012159 | -0.066419 | 0.010305 | 0.003682 |
1994Q3 | -0.019485 | 0.010848 | -0.05777 | 0.007288 | 0.003664 |
1994Q4 | -0.017518 | 0.008463 | -0.049923 | 0.002244 | 0.003465 |
1995Q1 | -0.017686 | 0.006931 | -0.038167 | -0.00044 | 0.004926 |
1995Q2 | -0.017471 | 0.008246 | -0.030061 | -0.00225 | 0.007748 |
1995Q3 | -0.017772 | 0.006389 | -0.026047 | -0.00382 | 0.009334 |
1995Q4 | -0.019425 | 0.00661 | -0.02407 | -0.00342 | 0.010662 |
1996Q1 | -0.018364 | 0.006354 | -0.022222 | -0.00438 | 0.013515 |
1996Q2 | -0.019364 | 0.003463 | -0.021653 | -0.00697 | 0.013475 |
1996Q3 | -0.019835 | 0.001128 | -0.015264 | -0.0084 | 0.012394 |
1996Q4 | -0.018531 | -0.00176 | -0.015673 | -0.01023 | 0.011716 |
1997Q1 | -0.01829 | -0.00211 | -0.011262 | -0.01202 | 0.011802 |
1997Q2 | -0.017354 | -0.00227 | -0.007531 | -0.01602 | 0.009206 |
1997Q3 | -0.015889 | -0.00072 | -0.009316 | -0.01886 | 0.013548 |
1997Q4 | -0.012792 | -0.00238 | -0.007765 | -0.01876 | 0.014615 |
1998Q1 | -0.012833 | 0.003632 | -0.004526 | -0.01972 | 0.018654 |
1998Q2 | -0.012256 | 0.007964 | -0.002888 | -0.01776 | 0.023482 |
1998Q3 | -0.013226 | 0.007679 | -0.003646 | -0.01663 | 0.025517 |
1998Q4 | -0.011854 | 0.00449 | -0.003494 | -0.01694 | 0.02857 |
1999Q1 | -0.011815 | 0.006971 | -0.002902 | -0.01152 | 0.03076 |
1999Q2 | -0.011009 | 0.009522 | -0.002472 | -0.00915 | 0.031973 |
1999Q3 | -0.008246 | 0.012483 | 0.002944 | -0.00885 | 0.032741 |
1999Q4 | -0.008106 | 0.009289 | 0.005002 | -0.01119 | 0.028936 |
2000Q1 | -0.007863 | 0.01022 | 0.01363 | -0.01196 | 0.030859 |
2000Q2 | -0.007533 | 0.008453 | 0.018156 | -0.01537 | 0.027939 |
2000Q3 | -0.006142 | 0.010507 | 0.02293 | -0.0125 | 0.029386 |
2000Q4 | -0.00534 | 0.008959 | 0.021737 | -0.00953 | 0.032847 |
2001Q1 | -0.005016 | 0.009592 | 0.026455 | -0.00771 | 0.036709 |
2001Q2 | -0.004836 | 0.010839 | 0.024179 | -0.00216 | 0.037032 |
2001Q3 | -0.003169 | 0.011686 | 0.024605 | 0.007463 | 0.03808 |
2001Q4 | -0.002051 | 0.014284 | 0.023994 | 0.010385 | 0.037361 |
2002Q1 | -0.002366 | 0.012285 | 0.020033 | 0.016483 | 0.036701 |
2002Q2 | -0.001805 | 0.009794 | 0.016499 | 0.019468 | 0.036519 |
2002Q3 | -0.000596 | 0.003512 | 0.021525 | 0.018327 | 0.036159 |
2002Q4 | 0.000501 | 0.000862 | 0.028834 | 0.020644 | 0.036751 |
2003Q1 | -0.00001 | -0.00216 | 0.030015 | 0.021972 | 0.035975 |
2003Q2 | 0.000623 | -0.00439 | 0.030043 | 0.022723 | 0.034246 |
2003Q3 | 0.000775 | -0.00914 | 0.02703 | 0.021005 | 0.03125 |
2003Q4 | -0.000266 | -0.01514 | 0.029006 | 0.022772 | 0.02928 |
2004Q1 | 0.00008 | -0.01655 | 0.033705 | 0.014212 | 0.03404 |
2004Q2 | 0.001158 | -0.02229 | 0.037242 | 0.006653 | 0.039737 |
2004Q3 | 0.002471 | -0.02544 | 0.039699 | -1.6E-05 | 0.045881 |
2004Q4 | 0.003311 | -0.02824 | 0.04495 | -0.00639 | 0.051943 |
2005Q1 | 0.002644 | -0.0317 | 0.045049 | -0.01357 | 0.054112 |
2005Q2 | 0.003547 | -0.03603 | 0.052348 | -0.01651 | 0.060942 |
2005Q3 | 0.00457 | -0.03852 | 0.054191 | -0.02125 | 0.064327 |
2005Q4 | 0.004672 | -0.04049 | 0.05427 | -0.02202 | 0.075511 |
2006Q1 | 0.009911 | -0.04203 | 0.055096 | -0.02331 | 0.075824 |
2006Q2 | 0.009604 | -0.04021 | 0.059151 | -0.02221 | 0.080094 |
2006Q3 | 0.009212 | -0.03951 | 0.061241 | -0.02035 | 0.083292 |
2006Q4 | 0.008896 | -0.03406 | 0.059888 | -0.01887 | 0.083882 |
2007Q1 | 0.009177 | -0.03177 | 0.055459 | -0.01574 | 0.084038 |
2007Q2 | 0.008995 | -0.02821 | 0.054586 | -0.0123 | 0.080308 |
2007Q3 | 0.00868 | -0.02788 | 0.060049 | -0.00497 | 0.072889 |
2007Q4 | 0.008513 | -0.02476 | 0.063355 | 0.005854 | 0.057794 |
2008Q1 | 0.009179 | -0.02041 | 0.07045 | 0.013756 | 0.049075 |
2008Q2 | 0.009687 | -0.01804 | 0.062317 | 0.018915 | 0.032451 |
2008Q3 | 0.009841 | -0.01457 | 0.06074 | 0.022567 | 0.018641 |
2008Q4 | 0.011608 | -0.00846 | 0.067613 | 0.033472 | 0.007532 |
2009Q1 | 0.013352 | -0.00136 | 0.059917 | 0.039676 | -0.00552 |
2009Q2 | 0.015628 | 0.001013 | 0.048307 | 0.044118 | -0.020748 |
2009Q3 | 0.018308 | 0.000982 | 0.028275 | 0.046027 | -0.036662 |
2009Q4 | 0.019809 | -0.00386 | 0.007634 | 0.041646 | -0.057772 |
2010Q1 | 0.019763 | -0.00167 | 0.023593 | 0.03269 | -0.094636 |
2010Q2 | 0.019263 | -0.00385 | 0.008266 | 0.026131 | -0.105073 |
2010Q3 | 0.02075 | -0.00064 | -0.003096 | 0.018256 | -0.112353 |
2010Q4 | 0.021335 | -0.00235 | -0.014616 | 0.012498 | -0.126203 |
2011Q1 | 0.023238 | 0.000603 | -0.021077 | 0.013093 | -0.127913 |
2011Q2 | 0.022468 | 0.001416 | -0.031024 | 0.005172 | -0.131017 |
2011Q3 | 0.02289 | 0.002703 | -0.032441 | -0.00183 | -0.132688 |
2011Q4 | 0.021957 | 0.00212 | -0.033697 | -0.0096 | -0.132782 |
2012Q1 | 0.021842 | 0.004137 | -0.033414 | -0.01565 | -0.135432 |
2012Q2 | 0.022006 | 0.00541 | -0.029942 | -0.02041 | -0.136075 |
2012Q3 | 0.022065 | 0.008682 | -0.03061 | -0.02395 | -0.135673 |
2012Q4 | 0.021599 | 0.013571 | -0.026149 | -0.02588 | -0.132021 |
2013Q1 | 0.021618 | 0.015583 | -0.02824 | -0.02977 | -0.130896 |
2013Q2 | 0.021509 | 0.016642 | -0.027464 | -0.02911 | -0.127587 |
2013Q3 | 0.02077 | 0.020576 | -0.028298 | -0.03015 | -0.125645 |
2013Q4 | 0.019902 | 0.018558 | -0.03237 | -0.03333 | -0.123824 |
2014Q1 | 0.020487 | 0.02302 | -0.025087 | -0.03516 | -0.119946 |
2014Q2 | 0.01934 | 0.020976 | -0.022343 | -0.04108 | -0.117943 |
2014Q3 | 0.018259 | 0.01898 | -0.02279 | -0.04435 | -0.114057 |
2014Q4 | 0.017895 | 0.020808 | -0.018112 | -0.04335 | -0.107738 |
2015Q1 | 0.018006 | 0.024778 | -0.009546 | -0.04492 | -0.10288 |
2015Q2 | 0.016946 | 0.026496 | -0.008733 | -0.04584 | -0.100049 |
B. Disaggregated by Type of Lender, Two-Sided Gap
DATES | NONFINANCIAL | IC.PF.MF | TRADITIONAL BANKS | GSES | OTHER NONBANKS |
---|---|---|---|---|---|
1980Q1 | 0.000067 | -0.01911 | 0.020095 | -0.00861 | 0.000854 |
1980Q2 | 0.003642 | -0.01215 | 0.016877 | -0.00835 | 0.000025 |
1980Q3 | 0.005319 | -0.01423 | 0.014384 | -0.0092 | -0.000942 |
1980Q4 | 0.004531 | -0.01978 | 0.004114 | -0.01164 | -0.003714 |
1981Q1 | 0.005604 | -0.02519 | -0.011689 | -0.01499 | -0.006024 |
1981Q2 | 0.010015 | -0.02255 | -0.005709 | -0.01603 | -0.004845 |
1981Q3 | 0.010047 | -0.02389 | -0.010341 | -0.01785 | -0.005504 |
1981Q4 | 0.012694 | -0.02063 | -0.008764 | -0.01799 | -0.005924 |
1982Q1 | 0.016541 | -0.01598 | -0.000742 | -0.01636 | -0.005791 |
1982Q2 | 0.017264 | -0.0171 | -0.001671 | -0.01622 | -0.006145 |
1982Q3 | 0.015901 | -0.01697 | -0.005064 | -0.01419 | -0.0064 |
1982Q4 | 0.018179 | -0.01721 | -0.012137 | -0.01129 | -0.008959 |
1983Q1 | 0.017173 | -0.01859 | -0.017821 | -0.00992 | -0.009615 |
1983Q2 | 0.015909 | -0.02227 | -0.023998 | -0.01009 | -0.010545 |
1983Q3 | 0.013804 | -0.02576 | -0.02304 | -0.0103 | -0.011657 |
1983Q4 | 0.013119 | -0.02864 | -0.019355 | -0.01102 | -0.013366 |
1984Q1 | 0.013238 | -0.03149 | -0.014133 | -0.01252 | -0.014348 |
1984Q2 | 0.013002 | -0.03219 | -0.004717 | -0.01525 | -0.01472 |
1984Q3 | 0.013966 | -0.03029 | 0.001709 | -0.01608 | -0.015095 |
1984Q4 | 0.012275 | -0.02801 | 0.010124 | -0.01618 | -0.012314 |
1985Q1 | 0.019075 | -0.02603 | 0.014455 | -0.01626 | -0.011641 |
1985Q2 | 0.018235 | -0.02251 | 0.018682 | -0.01601 | -0.010628 |
1985Q3 | 0.018428 | -0.0217 | 0.019892 | -0.01574 | -0.009214 |
1985Q4 | 0.015938 | -0.01704 | 0.026037 | -0.01446 | -0.008167 |
1986Q1 | 0.017893 | -0.01213 | 0.028221 | -0.01329 | -0.008077 |
1986Q2 | 0.016928 | -0.00573 | 0.030432 | -0.00985 | -0.005242 |
1986Q3 | 0.0159 | -0.00056 | 0.031027 | -0.00481 | -0.003383 |
1986Q4 | 0.014403 | 0.000583 | 0.047119 | 0.002204 | -0.007792 |
1987Q1 | 0.016397 | 0.002277 | 0.046443 | 0.006069 | -0.009207 |
1987Q2 | 0.014346 | 0.002347 | 0.047909 | 0.008447 | -0.009339 |
1987Q3 | 0.011724 | 0.003484 | 0.052525 | 0.009963 | -0.010318 |
1987Q4 | 0.009845 | 0.003057 | 0.048094 | 0.007734 | -0.01051 |
1988Q1 | 0.012207 | 0.004462 | 0.056028 | 0.005532 | -0.010347 |
1988Q2 | 0.011384 | 0.006179 | 0.056066 | 0.003377 | -0.010809 |
1988Q3 | 0.011609 | 0.008491 | 0.05647 | 0.002913 | -0.013462 |
1988Q4 | 0.010404 | 0.010539 | 0.057343 | 0.001206 | -0.014121 |
1989Q1 | 0.007127 | 0.009322 | 0.05649 | -0.00019 | -0.011586 |
1989Q2 | 0.005078 | 0.011282 | 0.055697 | -0.00102 | -0.011652 |
1989Q3 | 0.003417 | 0.012296 | 0.053531 | 0.00025 | -0.011711 |
1989Q4 | 0.003713 | 0.015032 | 0.051476 | 0.004299 | -0.009561 |
1990Q1 | 0.004191 | 0.013616 | 0.047373 | 0.004513 | -0.011659 |
1990Q2 | 0.005169 | 0.01313 | 0.038339 | 0.005639 | -0.010392 |
1990Q3 | 0.007971 | 0.012397 | 0.032842 | 0.007499 | -0.010679 |
1990Q4 | 0.009869 | 0.014199 | 0.029762 | 0.012959 | -0.010486 |
1991Q1 | 0.011099 | 0.014827 | 0.023273 | 0.015135 | -0.010608 |
1991Q2 | 0.011503 | 0.013883 | 0.011404 | 0.016175 | -0.009825 |
1991Q3 | 0.011703 | 0.011807 | -0.001439 | 0.017352 | -0.012695 |
1991Q4 | 0.010406 | 0.009094 | -0.010126 | 0.019153 | -0.012087 |
1992Q1 | 0.009237 | 0.007578 | -0.020172 | 0.018386 | -0.012265 |
1992Q2 | 0.00733 | 0.00466 | -0.032401 | 0.018893 | -0.014729 |
1992Q3 | 0.005761 | 0.001866 | -0.041025 | 0.018141 | -0.013957 |
1992Q4 | 0.004442 | -0.0004 | -0.048738 | 0.018277 | -0.016333 |
1993Q1 | 0.002727 | 0.004869 | -0.051054 | 0.019258 | -0.021827 |
1993Q2 | 0.000766 | 0.008381 | -0.052884 | 0.017153 | -0.022373 |
1993Q3 | -0.00026 | 0.011432 | -0.05428 | 0.017784 | -0.023856 |
1993Q4 | -0.000688 | 0.010272 | -0.057087 | 0.016048 | -0.026445 |
1994Q1 | -0.003201 | 0.011063 | -0.05961 | 0.018055 | -0.027941 |
1994Q2 | -0.003712 | 0.008839 | -0.059586 | 0.015831 | -0.031047 |
1994Q3 | -0.003514 | 0.008203 | -0.05469 | 0.013459 | -0.032202 |
1994Q4 | -0.002174 | 0.006376 | -0.050256 | 0.008777 | -0.033562 |
1995Q1 | -0.003009 | 0.005334 | -0.041333 | 0.006301 | -0.03319 |
1995Q2 | -0.00348 | 0.007235 | -0.035678 | 0.004602 | -0.031303 |
1995Q3 | -0.004516 | 0.005875 | -0.03396 | 0.00305 | -0.030563 |
1995Q4 | -0.007035 | 0.006626 | -0.034238 | 0.003485 | -0.030004 |
1996Q1 | -0.006814 | 0.006904 | -0.034609 | 0.002504 | -0.02775 |
1996Q2 | -0.008747 | 0.004396 | -0.036297 | -0.00027 | -0.028383 |
1996Q3 | -0.010219 | 0.002324 | -0.031863 | -0.00197 | -0.030108 |
1996Q4 | -0.009878 | -0.00046 | -0.034309 | -0.00419 | -0.03146 |
1997Q1 | -0.010625 | -0.00072 | -0.031741 | -0.00649 | -0.032032 |
1997Q2 | -0.010662 | -0.00079 | -0.029689 | -0.01125 | -0.035423 |
1997Q3 | -0.010122 | 0.000952 | -0.033306 | -0.01504 | -0.031613 |
1997Q4 | -0.007807 | -0.00061 | -0.033547 | -0.01592 | -0.030997 |
1998Q1 | -0.008663 | 0.005856 | -0.031962 | -0.01794 | -0.02715 |
1998Q2 | -0.0089 | 0.01091 | -0.031925 | -0.01696 | -0.022202 |
1998Q3 | -0.010774 | 0.011355 | -0.034368 | -0.01676 | -0.019887 |
1998Q4 | -0.01026 | 0.008734 | -0.035935 | -0.01806 | -0.016329 |
1999Q1 | -0.011109 | 0.011946 | -0.037067 | -0.01335 | -0.013453 |
1999Q2 | -0.011178 | 0.015398 | -0.038376 | -0.01155 | -0.011423 |
1999Q3 | -0.009162 | 0.019459 | -0.034422 | -0.01183 | -0.009727 |
1999Q4 | -0.009787 | 0.017211 | -0.033737 | -0.0149 | -0.012757 |
2000Q1 | -0.010325 | 0.019168 | -0.026005 | -0.01646 | -0.009882 |
2000Q2 | -0.010784 | 0.018353 | -0.022124 | -0.02087 | -0.011949 |
2000Q3 | -0.01013 | 0.021503 | -0.017717 | -0.01886 | -0.009496 |
2000Q4 | -0.010044 | 0.020991 | -0.01934 | -0.01661 | -0.004757 |
2001Q1 | -0.010443 | 0.022721 | -0.014773 | -0.01541 | 0.000689 |
2001Q2 | -0.011 | 0.025164 | -0.017316 | -0.01016 | 0.002705 |
2001Q3 | -0.009997 | 0.027284 | -0.01712 | -0.00029 | 0.005599 |
2001Q4 | -0.009502 | 0.031334 | -0.017981 | 0.003059 | 0.006782 |
2002Q1 | -0.010478 | 0.030705 | -0.022406 | 0.009962 | 0.008085 |
2002Q2 | -0.010566 | 0.029468 | -0.0266 | 0.013953 | 0.009955 |
2002Q3 | -0.009958 | 0.024103 | -0.021938 | 0.013789 | 0.011729 |
2002Q4 | -0.009415 | 0.022228 | -0.014555 | 0.017251 | 0.014593 |
2003Q1 | -0.010527 | 0.019818 | -0.013203 | 0.01984 | 0.016151 |
2003Q2 | -0.010475 | 0.018075 | -0.01297 | 0.021935 | 0.016764 |
2003Q3 | -0.010913 | 0.013531 | -0.015921 | 0.021504 | 0.016046 |
2003Q4 | -0.012621 | 0.007375 | -0.013739 | 0.024699 | 0.016346 |
2004Q1 | -0.012938 | 0.005711 | -0.008527 | 0.017115 | 0.023754 |
2004Q2 | -0.01248 | -0.00064 | -0.004229 | 0.010121 | 0.032545 |
2004Q3 | -0.011725 | -0.00462 | -0.000816 | 0.003649 | 0.042264 |
2004Q4 | -0.011408 | -0.00844 | 0.00575 | -0.0029 | 0.052389 |
2005Q1 | -0.012649 | -0.01318 | 0.007236 | -0.01066 | 0.058898 |
2005Q2 | -0.01228 | -0.01909 | 0.016414 | -0.01437 | 0.070618 |
2005Q3 | -0.011741 | -0.02335 | 0.020324 | -0.02018 | 0.079256 |
2005Q4 | -0.012127 | -0.02728 | 0.022562 | -0.0221 | 0.096516 |
2006Q1 | -0.007081 | -0.03094 | 0.025683 | -0.02464 | 0.103117 |
2006Q2 | -0.007599 | -0.03121 | 0.032358 | -0.02476 | 0.114119 |
2006Q3 | -0.008225 | -0.03262 | 0.037289 | -0.02404 | 0.124438 |
2006Q4 | -0.008792 | -0.02904 | 0.038802 | -0.02364 | 0.132391 |
2007Q1 | -0.008747 | -0.02854 | 0.037085 | -0.02144 | 0.140131 |
2007Q2 | -0.009174 | -0.02663 | 0.03897 | -0.01874 | 0.143978 |
2007Q3 | -0.009752 | -0.02799 | 0.047604 | -0.01174 | 0.143912 |
2007Q4 | -0.010191 | -0.02642 | 0.054378 | -0.00062 | 0.135486 |
2008Q1 | -0.009758 | -0.02342 | 0.065463 | 0.008051 | 0.133098 |
2008Q2 | -0.00945 | -0.0223 | 0.060975 | 0.01431 | 0.121991 |
2008Q3 | -0.009484 | -0.01992 | 0.063063 | 0.019314 | 0.11302 |
2008Q4 | -0.007798 | -0.01457 | 0.074108 | 0.032248 | 0.106203 |
2009Q1 | -0.006027 | -0.00783 | 0.070259 | 0.040907 | 0.096762 |
2009Q2 | -0.00358 | -0.00571 | 0.061932 | 0.048135 | 0.084316 |
2009Q3 | -0.000558 | -0.00599 | 0.044112 | 0.053024 | 0.070285 |
2009Q4 | 0.001393 | -0.01136 | 0.024546 | 0.051455 | 0.049832 |
2010Q1 | 0.001817 | -0.00959 | 0.042524 | 0.044872 | 0.011448 |
2010Q2 | 0.001782 | -0.01233 | 0.028378 | 0.04037 | -0.001221 |
2010Q3 | 0.003845 | -0.0095 | 0.017562 | 0.03415 | -0.011281 |
2010Q4 | 0.005067 | -0.0117 | 0.005922 | 0.029754 | -0.028854 |
2011Q1 | 0.007745 | -0.00907 | -0.001047 | 0.031776 | -0.034554 |
2011Q2 | 0.007739 | -0.00853 | -0.012108 | 0.024853 | -0.042003 |
2011Q3 | 0.00898 | -0.00746 | -0.014764 | 0.018466 | -0.048298 |
2011Q4 | 0.008845 | -0.00828 | -0.017379 | 0.010857 | -0.053211 |
2012Q1 | 0.009552 | -0.00639 | -0.01849 | 0.004614 | -0.061026 |
C. Disaggregated by Type of Credit, One-Sided Gap
DATES | BF CORPORATE BONDS AND CP | NF BUSINESS CREDIT | COMMERCIAL MORTGAGES | CONSUMER CREDIT | HOME MORTGAGES |
---|---|---|---|---|---|
1980Q1 | -0.012022 | 0.000347 | -0.00983 | 0.003921 | 0.027449 |
1980Q2 | -0.006525 | -0.00048 | -0.006442 | 0.001378 | 0.029307 |
1980Q3 | -0.007873 | -0.000398 | -0.006961 | -0.00072 | 0.028918 |
1980Q4 | -0.011141 | -0.000954 | -0.010813 | -0.004657 | 0.02134 |
1981Q1 | -0.013848 | -0.005361 | -0.0138 | -0.007686 | 0.011759 |
1981Q2 | -0.010746 | 0.001204 | -0.010455 | -0.006686 | 0.013391 |
1981Q3 | -0.010496 | 0.002187 | -0.010525 | -0.007361 | 0.007478 |
1981Q4 | -0.007086 | 0.00603 | -0.008689 | -0.007057 | 0.009007 |
1982Q1 | -0.00289 | 0.010039 | -0.005105 | -0.004616 | 0.013141 |
1982Q2 | -0.003405 | 0.013064 | -0.004586 | -0.004701 | 0.009494 |
1982Q3 | -0.002899 | 0.016454 | -0.003621 | -0.004819 | 0.004079 |
1982Q4 | -0.002742 | 0.012678 | -0.00254 | -0.004212 | 0.003774 |
1983Q1 | -0.003031 | 0.008346 | -0.002292 | -0.004533 | 0.003006 |
1983Q2 | -0.004715 | 0.00484 | -0.002251 | -0.004814 | 0.000152 |
1983Q3 | -0.006393 | 0.003514 | -0.002167 | -0.004228 | -0.001128 |
1983Q4 | -0.007513 | 0.002156 | -0.001406 | -0.002007 | -0.00135 |
1984Q1 | -0.007467 | 0.003119 | -0.000595 | -0.000295 | -0.001533 |
1984Q2 | -0.006064 | 0.004822 | 0.001813 | 0.002794 | -0.001821 |
1984Q3 | -0.002631 | 0.00448 | 0.004826 | 0.004807 | -0.001152 |
1984Q4 | 0.000638 | 0.007347 | 0.007424 | 0.007258 | 0.001472 |
1985Q1 | 0.003187 | 0.005961 | 0.006164 | 0.009905 | 0.011102 |
1985Q2 | 0.006897 | 0.004999 | 0.008192 | 0.011861 | 0.012701 |
1985Q3 | 0.008538 | 0.00392 | 0.008003 | 0.013149 | 0.013942 |
1985Q4 | 0.012395 | 0.007273 | 0.007637 | 0.014526 | 0.018559 |
1986Q1 | 0.016742 | 0.00653 | 0.008338 | 0.014757 | 0.021135 |
1986Q2 | 0.022069 | 0.005246 | 0.009476 | 0.016249 | 0.026452 |
1986Q3 | 0.025927 | 0.004474 | 0.010085 | 0.016703 | 0.032374 |
1986Q4 | 0.025997 | 0.014528 | 0.012877 | 0.016031 | 0.034977 |
1987Q1 | 0.027188 | 0.006634 | 0.017755 | 0.012438 | 0.037548 |
1987Q2 | 0.026582 | 0.003951 | 0.016612 | 0.011594 | 0.040762 |
1987Q3 | 0.026838 | 0.00425 | 0.015146 | 0.011259 | 0.041171 |
1987Q4 | 0.025872 | -0.00132 | 0.01377 | 0.00917 | 0.034023 |
1988Q1 | 0.025887 | 0.000672 | 0.014379 | 0.009436 | 0.036748 |
1988Q2 | 0.026601 | -0.001392 | 0.012011 | 0.008049 | 0.036167 |
1988Q3 | 0.027282 | -0.002372 | 0.009822 | 0.006898 | 0.036368 |
1988Q4 | 0.02773 | -0.003729 | 0.009472 | 0.005163 | 0.034948 |
1989Q1 | 0.025554 | -0.004975 | 0.008178 | 0.006817 | 0.029971 |
1989Q2 | 0.026143 | -0.004223 | 0.005574 | 0.006107 | 0.028668 |
1989Q3 | 0.025414 | -0.008343 | 0.003629 | 0.005083 | 0.030448 |
1989Q4 | 0.025867 | -0.004601 | 0.001391 | 0.005519 | 0.032361 |
1990Q1 | 0.023004 | -0.006773 | -0.001147 | 0.002812 | 0.034356 |
1990Q2 | 0.021273 | -0.008041 | -0.004854 | 0.001279 | 0.034764 |
1990Q3 | 0.020221 | -0.008824 | -0.005932 | 0.00101 | 0.034658 |
1990Q4 | 0.020322 | -0.006886 | -0.005773 | 0.000535 | 0.037883 |
1991Q1 | 0.019735 | -0.015214 | -0.005531 | -0.000359 | 0.038585 |
1991Q2 | 0.018816 | -0.021585 | -0.007797 | -0.002771 | 0.036655 |
1991Q3 | 0.016819 | -0.023743 | -0.013049 | -0.005122 | 0.030372 |
1991Q4 | 0.015654 | -0.02883 | -0.016226 | -0.006674 | 0.030289 |
1992Q1 | 0.014716 | -0.03313 | -0.019977 | -0.00825 | 0.026961 |
1992Q2 | 0.012794 | -0.035677 | -0.023786 | -0.010378 | 0.02002 |
1992Q3 | 0.010959 | -0.036929 | -0.027387 | -0.011259 | 0.017152 |
1992Q4 | 0.009518 | -0.037565 | -0.032029 | -0.011907 | 0.013656 |
1993Q1 | 0.0148 | -0.039424 | -0.033122 | -0.011182 | 0.010403 |
1993Q2 | 0.018429 | -0.040999 | -0.035203 | -0.010648 | 0.009498 |
1993Q3 | 0.021009 | -0.039451 | -0.036179 | -0.009106 | 0.008252 |
1993Q4 | 0.020518 | -0.039465 | -0.037096 | -0.007461 | 0.003593 |
1994Q1 | 0.020951 | -0.036208 | -0.038583 | -0.005384 | 0.000779 |
1994Q2 | 0.018392 | -0.035237 | -0.0394 | -0.003035 | -0.003734 |
1994Q3 | 0.016915 | -0.031711 | -0.038827 | 0.000017 | -0.005285 |
1994Q4 | 0.015275 | -0.027451 | -0.040115 | 0.002967 | -0.007904 |
1995Q1 | 0.013284 | -0.021757 | -0.038343 | 0.006183 | -0.008574 |
1995Q2 | 0.014254 | -0.017394 | -0.036765 | 0.009238 | -0.008181 |
1995Q3 | 0.011595 | -0.014307 | -0.035399 | 0.01148 | -0.009866 |
1995Q4 | 0.010284 | -0.010988 | -0.034847 | 0.013288 | -0.012128 |
1996Q1 | 0.009811 | -0.01099 | -0.033078 | 0.014205 | -0.009023 |
1996Q2 | 0.007271 | -0.010888 | -0.032225 | 0.013466 | -0.012696 |
1996Q3 | 0.00482 | -0.007209 | -0.030905 | 0.013414 | -0.013618 |
1996Q4 | 0.002428 | -0.008793 | -0.029287 | 0.013225 | -0.016146 |
1997Q1 | 0.00185 | -0.004765 | -0.028099 | 0.011434 | -0.016118 |
1997Q2 | 0.00157 | -0.002703 | -0.02619 | 0.010043 | -0.019392 |
1997Q3 | 0.003008 | -0.001703 | -0.023807 | 0.008902 | -0.018552 |
1997Q4 | 0.001355 | 0.003365 | -0.02119 | 0.008994 | -0.019643 |
1998Q1 | 0.006932 | 0.004933 | -0.01831 | 0.007426 | -0.015516 |
1998Q2 | 0.010766 | 0.008389 | -0.015786 | 0.009349 | -0.013379 |
1998Q3 | 0.010496 | 0.008225 | -0.013861 | 0.0085 | -0.014031 |
1998Q4 | 0.007185 | 0.009391 | -0.011141 | 0.007292 | -0.012544 |
1999Q1 | 0.009331 | 0.01143 | -0.007882 | 0.007695 | -0.007859 |
1999Q2 | 0.011107 | 0.010223 | -0.004918 | 0.008071 | -0.004868 |
1999Q3 | 0.013815 | 0.010158 | 0.000734 | 0.00801 | -0.002329 |
1999Q4 | 0.010583 | 0.01153 | 0.00222 | 0.005918 | -0.004671 |
2000Q1 | 0.011374 | 0.020995 | 0.004906 | 0.006536 | -0.001748 |
2000Q2 | 0.009613 | 0.018465 | 0.005339 | 0.006629 | -0.00457 |
2000Q3 | 0.011321 | 0.017164 | 0.007347 | 0.010154 | 0.000436 |
2000Q4 | 0.009581 | 0.013981 | 0.00889 | 0.011826 | 0.002982 |
2001Q1 | 0.010132 | 0.008597 | 0.011745 | 0.01409 | 0.0106 |
2001Q2 | 0.011605 | 0.005212 | 0.013012 | 0.013686 | 0.016026 |
2001Q3 | 0.011781 | 0.010001 | 0.017228 | 0.014349 | 0.026836 |
2001Q4 | 0.014126 | -0.003496 | 0.019605 | 0.016817 | 0.030866 |
2002Q1 | 0.011962 | -0.00699 | 0.01974 | 0.015649 | 0.036097 |
2002Q2 | 0.009372 | -0.013981 | 0.020479 | 0.015505 | 0.040619 |
2002Q3 | 0.002903 | -0.017681 | 0.021414 | 0.014518 | 0.048707 |
2002Q4 | -0.000166 | -0.019051 | 0.023632 | 0.013926 | 0.059781 |
2003Q1 | -0.00331 | -0.019816 | 0.024057 | 0.013068 | 0.062785 |
2003Q2 | -0.005724 | -0.017319 | 0.025048 | 0.012255 | 0.067703 |
2003Q3 | -0.010056 | -0.023248 | 0.024535 | 0.009102 | 0.06709 |
2003Q4 | -0.015932 | -0.02625 | 0.024993 | 0.006791 | 0.068472 |
2004Q1 | -0.017378 | -0.025705 | 0.025271 | 0.005897 | 0.070513 |
2004Q2 | -0.023166 | -0.025325 | 0.025735 | 0.003648 | 0.075734 |
2004Q3 | -0.026639 | -0.025858 | 0.026674 | 0.002705 | 0.079692 |
2004Q4 | -0.029605 | -0.019226 | 0.027072 | 0.001697 | 0.084137 |
2005Q1 | -0.032997 | -0.017085 | 0.026495 | -0.000314 | 0.080338 |
2005Q2 | -0.037521 | -0.011946 | 0.028141 | -0.001034 | 0.08649 |
2005Q3 | -0.040218 | -0.012695 | 0.029309 | -0.00288 | 0.088907 |
2005Q4 | -0.042727 | -0.010503 | 0.032571 | -0.004223 | 0.093199 |
2006Q1 | -0.044382 | -0.006041 | 0.033053 | -0.003161 | 0.093446 |
2006Q2 | -0.043199 | -0.000817 | 0.03358 | -0.004781 | 0.099046 |
2006Q3 | -0.043047 | 0.001864 | 0.035218 | -0.004247 | 0.101163 |
2006Q4 | -0.039582 | 0.009049 | 0.038537 | -0.004692 | 0.096126 |
2007Q1 | -0.038258 | 0.012315 | 0.038672 | -0.005013 | 0.092649 |
2007Q2 | -0.035653 | 0.020237 | 0.03999 | -0.005269 | 0.087429 |
2007Q3 | -0.035814 | 0.027551 | 0.042254 | -0.004076 | 0.082766 |
2007Q4 | -0.033452 | 0.034808 | 0.043341 | -0.003449 | 0.075931 |
2008Q1 | -0.029669 | 0.043722 | 0.044727 | -0.001177 | 0.072115 |
2008Q2 | -0.027279 | 0.037639 | 0.043316 | -0.002378 | 0.055041 |
2008Q3 | -0.024333 | 0.048696 | 0.041401 | -0.003556 | 0.042256 |
2008Q4 | -0.018908 | 0.035813 | 0.044923 | -0.001684 | 0.043361 |
2009Q1 | -0.011246 | 0.020345 | 0.044143 | -0.001551 | 0.042707 |
2009Q2 | -0.007988 | 0.015035 | 0.040897 | -0.003746 | 0.033845 |
2009Q3 | -0.006981 | 0.00676 | 0.035655 | -0.006064 | 0.018772 |
2009Q4 | -0.008569 | -0.007332 | 0.02685 | -0.010096 | -0.000306 |
2010Q1 | -0.005625 | -0.008858 | 0.020961 | -0.012486 | -0.020879 |
2010Q2 | -0.007068 | -0.012822 | 0.012848 | -0.015721 | -0.0388 |
2010Q3 | -0.003471 | -0.01402 | 0.006138 | -0.01719 | -0.054531 |
2010Q4 | -0.00472 | -0.021738 | 0.001326 | -0.010755 | -0.076823 |
2011Q1 | -0.002427 | -0.017485 | -0.001178 | -0.009132 | -0.082101 |
2011Q2 | -0.002151 | -0.018641 | -0.0066 | -0.010173 | -0.095574 |
2011Q3 | -0.00065 | -0.020043 | -0.010191 | -0.009837 | -0.103963 |
2011Q4 | -0.000918 | -0.017928 | -0.01334 | -0.009895 | -0.114306 |
2012Q1 | 0.001329 | -0.014358 | -0.016527 | -0.009628 | -0.123282 |
2012Q2 | 0.002407 | -0.010895 | -0.018532 | -0.008255 | -0.129765 |
2012Q3 | 0.005754 | -0.009086 | -0.019794 | -0.007157 | -0.134043 |
2012Q4 | 0.010414 | -0.002676 | -0.018679 | -0.005271 | -0.136115 |
2013Q1 | 0.012363 | -0.002667 | -0.020271 | -0.004395 | -0.139926 |
2013Q2 | 0.012372 | 0.000637 | -0.019128 | -0.003151 | -0.139915 |
2013Q3 | 0.01603 | 0.001903 | -0.018978 | -0.002712 | -0.142326 |
2013Q4 | 0.013867 | 0.001365 | -0.018762 | -0.00289 | -0.146575 |
2014Q1 | 0.017438 | 0.005702 | -0.017703 | -0.000948 | -0.143263 |
2014Q2 | 0.016102 | 0.00965 | -0.018426 | -0.000685 | -0.147059 |
2014Q3 | 0.014341 | 0.012412 | -0.01847 | -0.00062 | -0.149027 |
2014Q4 | 0.016364 | 0.014401 | -0.01569 | 0.000749 | -0.144776 |
2015Q1 | 0.02004 | 0.017469 | -0.013422 | 0.002303 | -0.140673 |
2015Q2 | 0.022486 | 0.01657 | -0.012757 | 0.002806 | -0.139748 |
D. Disaggregated by Type of Credit, Two-Sided Gap
DATES | BF CORPORATE BONDS AND CP | NF BUSINESS CREDIT | COMMERCIAL MORTGAGES | CONSUMER CREDIT | HOME MORTGAGES |
---|---|---|---|---|---|
1980Q1 | -0.015339 | -0.004109 | -0.005815 | 0.003838 | 0.00872 |
1980Q2 | -0.010818 | -0.004922 | -0.002639 | 0.001269 | 0.011673 |
1980Q3 | -0.013271 | -0.004811 | -0.003408 | -0.001019 | 0.012357 |
1980Q4 | -0.017918 | -0.005369 | -0.007799 | -0.005448 | 0.005292 |
1981Q1 | -0.022238 | -0.010094 | -0.01155 | -0.009206 | -0.004484 |
1981Q2 | -0.020562 | -0.003365 | -0.008735 | -0.008879 | -0.002945 |
1981Q3 | -0.021754 | -0.002133 | -0.009345 | -0.010291 | -0.009389 |
1981Q4 | -0.019578 | 0.002247 | -0.007922 | -0.010719 | -0.008305 |
1982Q1 | -0.016351 | 0.007096 | -0.004501 | -0.008856 | -0.004345 |
1982Q2 | -0.017897 | 0.011198 | -0.004106 | -0.009538 | -0.008435 |
1982Q3 | -0.018412 | 0.015929 | -0.003194 | -0.010275 | -0.014686 |
1982Q4 | -0.019291 | 0.013271 | -0.002088 | -0.010261 | -0.015874 |
1983Q1 | -0.020661 | 0.009797 | -0.001792 | -0.011209 | -0.017604 |
1983Q2 | -0.023564 | 0.006938 | -0.001692 | -0.01215 | -0.021642 |
1983Q3 | -0.0266 | 0.006194 | -0.001535 | -0.0122 | -0.024222 |
1983Q4 | -0.029183 | 0.005349 | -0.000644 | -0.010481 | -0.025793 |
1984Q1 | -0.030626 | 0.006906 | 0.00036 | -0.00917 | -0.027371 |
1984Q2 | -0.030653 | 0.009335 | 0.003128 | -0.006289 | -0.029108 |
1984Q3 | -0.028458 | 0.00972 | 0.006709 | -0.004359 | -0.02988 |
1984Q4 | -0.026241 | 0.013521 | 0.01006 | -0.001835 | -0.028562 |
1985Q1 | -0.024601 | 0.013008 | 0.009497 | 0.001056 | -0.019657 |
1985Q2 | -0.021581 | 0.012884 | 0.012369 | 0.003387 | -0.018698 |
1985Q3 | -0.020534 | 0.0126 | 0.013038 | 0.005141 | -0.018034 |
1985Q4 | -0.017038 | 0.01698 | 0.01353 | 0.00708 | -0.013716 |
1986Q1 | -0.01278 | 0.017248 | 0.015156 | 0.007902 | -0.011283 |
1986Q2 | -0.007206 | 0.016921 | 0.017316 | 0.010091 | -0.00578 |
1986Q3 | -0.002847 | 0.017084 | 0.01901 | 0.011288 | 0.0007 |
1986Q4 | -0.002251 | 0.028715 | 0.023087 | 0.011336 | 0.004038 |
1987Q1 | -0.000435 | 0.021954 | 0.029578 | 0.008259 | 0.007523 |
1987Q2 | -0.000428 | 0.020269 | 0.030017 | 0.007893 | 0.011873 |
1987Q3 | 0.000482 | 0.021607 | 0.030084 | 0.008026 | 0.013474 |
1987Q4 | 0.000142 | 0.016765 | 0.030191 | 0.00629 | 0.007122 |
1988Q1 | 0.00081 | 0.01962 | 0.032353 | 0.006932 | 0.010831 |
1988Q2 | 0.00225 | 0.018313 | 0.03143 | 0.005846 | 0.011228 |
1988Q3 | 0.003727 | 0.018047 | 0.030584 | 0.004933 | 0.012447 |
1988Q4 | 0.005031 | 0.017335 | 0.031583 | 0.003337 | 0.011991 |
1989Q1 | 0.003617 | 0.016669 | 0.031586 | 0.00523 | 0.007709 |
1989Q2 | 0.005035 | 0.018055 | 0.030146 | 0.00472 | 0.007046 |
1989Q3 | 0.005127 | 0.014333 | 0.029268 | 0.003838 | 0.009591 |
1989Q4 | 0.006461 | 0.018695 | 0.027979 | 0.004444 | 0.012405 |
1990Q1 | 0.004346 | 0.017022 | 0.026249 | 0.001749 | 0.015445 |
1990Q2 | 0.003294 | 0.016181 | 0.023137 | 0.000135 | 0.016953 |
1990Q3 | 0.00289 | 0.015779 | 0.022589 | -0.000236 | 0.017971 |
1990Q4 | 0.003674 | 0.018209 | 0.023281 | -0.000846 | 0.022541 |
1991Q1 | 0.003766 | 0.009884 | 0.024067 | -0.001934 | 0.024666 |
1991Q2 | 0.003505 | 0.003131 | 0.022203 | -0.004689 | 0.024083 |
1991Q3 | 0.002077 | 0.000438 | 0.017036 | -0.007533 | 0.018816 |
1991Q4 | 0.001441 | -0.005508 | 0.013736 | -0.009684 | 0.01977 |
1992Q1 | 0.001005 | -0.010958 | 0.009616 | -0.011968 | 0.017309 |
1992Q2 | -0.0005 | -0.014848 | 0.005182 | -0.01495 | 0.010851 |
1992Q3 | -0.002003 | -0.017568 | 0.000703 | -0.016761 | 0.008308 |
1992Q4 | -0.003174 | -0.019762 | -0.005137 | -0.018402 | 0.004938 |
1993Q1 | 0.002706 | -0.023343 | -0.00755 | -0.018654 | 0.001621 |
1993Q2 | 0.007173 | -0.026792 | -0.011135 | -0.019092 | 0.000593 |
1993Q3 | 0.010777 | -0.02709 | -0.013738 | -0.018457 | -0.000858 |
1993Q4 | 0.011321 | -0.029011 | -0.016405 | -0.017647 | -0.006003 |
1994Q1 | 0.012856 | -0.027536 | -0.019802 | -0.016301 | -0.009484 |
1994Q2 | 0.011292 | -0.028346 | -0.022652 | -0.014565 | -0.014949 |
1994Q3 | 0.010763 | -0.026453 | -0.02416 | -0.011958 | -0.017572 |
1994Q4 | 0.010012 | -0.023629 | -0.027682 | -0.00929 | -0.021449 |
1995Q1 | 0.00883 | -0.019084 | -0.028125 | -0.00617 | -0.023452 |
1995Q2 | 0.010697 | -0.015654 | -0.028751 | -0.00303 | -0.024409 |
1995Q3 | 0.008815 | -0.013348 | -0.02959 | -0.000563 | -0.027579 |
1995Q4 | 0.008236 | -0.010641 | -0.031291 | 0.001588 | -0.031498 |
1996Q1 | 0.008496 | -0.011273 | -0.03175 | 0.002919 | -0.029915 |
1996Q2 | 0.006569 | -0.011814 | -0.033152 | 0.00257 | -0.035362 |
1996Q3 | 0.004615 | -0.008582 | -0.034088 | 0.002923 | -0.038155 |
1996Q4 | 0.002602 | -0.010716 | -0.034705 | 0.003147 | -0.042748 |
1997Q1 | 0.002388 | -0.00702 | -0.035757 | 0.001683 | -0.044831 |
1997Q2 | 0.002472 | -0.005179 | -0.036048 | 0.000556 | -0.050456 |
1997Q3 | 0.004374 | -0.004346 | -0.035796 | -0.000373 | -0.051972 |
1997Q4 | 0.003109 | 0.000847 | -0.035223 | -0.000052 | -0.055533 |
1998Q1 | 0.009415 | 0.002636 | -0.034281 | -0.001468 | -0.05369 |
1998Q2 | 0.014226 | 0.006521 | -0.033605 | 0.00073 | -0.053759 |
1998Q3 | 0.014951 | 0.006792 | -0.033469 | 0.000122 | -0.056693 |
1998Q4 | 0.012476 | 0.008473 | -0.032429 | -0.000903 | -0.057442 |
1999Q1 | 0.01561 | 0.011163 | -0.030705 | -0.00028 | -0.054758 |
1999Q2 | 0.018509 | 0.010555 | -0.029144 | 0.00035 | -0.053622 |
1999Q3 | 0.022532 | 0.011103 | -0.024601 | 0.000554 | -0.052809 |
1999Q4 | 0.020468 | 0.013185 | -0.024163 | -0.00138 | -0.057028 |
2000Q1 | 0.022505 | 0.023927 | -0.022389 | -0.000556 | -0.055828 |
2000Q2 | 0.021925 | 0.022563 | -0.022861 | -0.000239 | -0.060546 |
2000Q3 | 0.024944 | 0.022384 | -0.021656 | 0.003727 | -0.057157 |
2000Q4 | 0.024451 | 0.020167 | -0.020837 | 0.005957 | -0.05608 |
2001Q1 | 0.026312 | 0.01546 | -0.01855 | 0.008932 | -0.049485 |
2001Q2 | 0.029214 | 0.01257 | -0.017779 | 0.009242 | -0.044746 |
2001Q3 | 0.030864 | 0.018139 | -0.013815 | 0.010684 | -0.033964 |
2001Q4 | 0.034854 | 0.004657 | -0.011545 | 0.014102 | -0.029675 |
2002Q1 | 0.034247 | 0.000969 | -0.011496 | 0.013847 | -0.023819 |
2002Q2 | 0.033101 | -0.006634 | -0.010786 | 0.014639 | -0.018336 |
2002Q3 | 0.027729 | -0.011184 | -0.009811 | 0.014561 | -0.008733 |
2002Q4 | 0.025598 | -0.013515 | -0.007406 | 0.014873 | 0.0046 |
2003Q1 | 0.023222 | -0.015319 | -0.006747 | 0.014897 | 0.010159 |
2003Q2 | 0.021444 | -0.013751 | -0.005439 | 0.014946 | 0.018049 |
2003Q3 | 0.017498 | -0.020984 | -0.005637 | 0.012498 | 0.020515 |
2003Q4 | 0.011663 | -0.025505 | -0.004812 | 0.010778 | 0.025201 |
2004Q1 | 0.010157 | -0.026494 | -0.00412 | 0.010441 | 0.030813 |
2004Q2 | 0.003954 | -0.027672 | -0.003185 | 0.008633 | 0.040064 |
2004Q3 | -0.000166 | -0.029838 | -0.001689 | 0.008088 | 0.048449 |
2004Q4 | -0.003987 | -0.024502 | -0.000675 | 0.00743 | 0.057756 |
2005Q1 | -0.008474 | -0.023568 | -0.000634 | 0.005661 | 0.058786 |
2005Q2 | -0.014404 | -0.019369 | 0.001764 | 0.005145 | 0.070307 |
2005Q3 | -0.018721 | -0.021125 | 0.003791 | 0.003401 | 0.078429 |
2005Q4 | -0.023059 | -0.019837 | 0.008145 | 0.002081 | 0.088877 |
2006Q1 | -0.026706 | -0.01604 | 0.009796 | 0.003226 | 0.095505 |
2006Q2 | -0.027519 | -0.011192 | 0.011574 | 0.001595 | 0.108024 |
2006Q3 | -0.029426 | -0.008735 | 0.014612 | 0.002146 | 0.117408 |
2006Q4 | -0.027889 | -0.001357 | 0.01958 | 0.00169 | 0.119574 |
2007Q1 | -0.028482 | 0.002305 | 0.021435 | 0.001335 | 0.123322 |
2007Q2 | -0.02771 | 0.011101 | 0.024615 | 0.001027 | 0.125242 |
2007Q3 | -0.029773 | 0.019743 | 0.028939 | 0.002232 | 0.127658 |
2007Q4 | -0.029237 | 0.028794 | 0.03222 | 0.002903 | 0.127708 |
2008Q1 | -0.02712 | 0.040074 | 0.035956 | 0.00535 | 0.130747 |
2008Q2 | -0.026309 | 0.036078 | 0.03689 | 0.004255 | 0.119723 |
2008Q3 | -0.024822 | 0.049923 | 0.037285 | 0.003114 | 0.112404 |
2008Q4 | -0.020585 | 0.039163 | 0.043393 | 0.005129 | 0.119172 |
2009Q1 | -0.013702 | 0.024981 | 0.045234 | 0.005414 | 0.124277 |
2009Q2 | -0.011057 | 0.020684 | 0.0445 | 0.003242 | 0.120792 |
2009Q3 | -0.010623 | 0.012968 | 0.041537 | 0.000809 | 0.110338 |
2009Q4 | -0.012893 | -0.00137 | 0.034567 | -0.003579 | 0.094864 |
2010Q1 | -0.010477 | -0.003241 | 0.030222 | -0.006477 | 0.076757 |
2010Q2 | -0.012547 | -0.007795 | 0.023225 | -0.010427 | 0.060283 |
2010Q3 | -0.009384 | -0.009674 | 0.017267 | -0.012721 | 0.045075 |
2010Q4 | -0.011148 | -0.018542 | 0.012946 | -0.006764 | 0.021973 |
2011Q1 | -0.00925 | -0.01523 | 0.010795 | -0.005544 | 0.015497 |
2011Q2 | -0.00936 | -0.017424 | 0.005414 | -0.00706 | -0.000048 |
2011Q3 | -0.008166 | -0.019975 | 0.00165 | -0.007198 | -0.011114 |
2011Q4 | -0.008761 | -0.018923 | -0.001866 | -0.007747 | -0.02487 |
2012Q1 | -0.006715 | -0.016239 | -0.005623 | -0.007973 | -0.037934 |
Figure 4: Private Nonfinancial Credit-to-GDP Two-Sided Trend
Note: IF.PF.MF denotes insurance companies, pension funds, and long-term mutual funds. Other Nonbanks consists of finance companies, private label ABS issuers, mortgage REITS, funding corporations and broker-dealers. Calculated using an HP filter with lambda=400,000.
Source: FAUS, NIPA, and staff calculations.
A. Disaggregated by Type of Lender
DATES | NONFINANCIAL | IC.PF.MF | TRADITIONAL BANKS | GSES | OTHER NONBANKS | STACKED TOTAL |
---|---|---|---|---|---|---|
1980Q1 | 0.091664 | 0.213578 | 0.491324 | 0.087677 | 0.067798 | 0.952041 |
1980Q2 | 0.091798 | 0.213642 | 0.491184 | 0.089766 | 0.068518 | 0.954908 |
1980Q3 | 0.091923 | 0.213729 | 0.491027 | 0.09187 | 0.069258 | 0.957807 |
1980Q4 | 0.092038 | 0.21384 | 0.490852 | 0.093989 | 0.070018 | 0.960737 |
1981Q1 | 0.092141 | 0.213975 | 0.49066 | 0.096122 | 0.0708 | 0.963698 |
1981Q2 | 0.092233 | 0.214134 | 0.49045 | 0.098271 | 0.071603 | 0.966691 |
1981Q3 | 0.092312 | 0.214318 | 0.490224 | 0.100435 | 0.072429 | 0.969718 |
1981Q4 | 0.092379 | 0.214527 | 0.489981 | 0.102614 | 0.073278 | 0.972779 |
1982Q1 | 0.092432 | 0.214761 | 0.48972 | 0.104808 | 0.074151 | 0.975872 |
1982Q2 | 0.092471 | 0.215019 | 0.489443 | 0.107018 | 0.075048 | 0.978999 |
1982Q3 | 0.092496 | 0.215302 | 0.489149 | 0.109243 | 0.07597 | 0.98216 |
1982Q4 | 0.092506 | 0.215609 | 0.488838 | 0.111482 | 0.076917 | 0.985352 |
1983Q1 | 0.0925 | 0.215941 | 0.488511 | 0.113737 | 0.07789 | 0.988579 |
1983Q2 | 0.092479 | 0.216297 | 0.488166 | 0.116006 | 0.07889 | 0.991838 |
1983Q3 | 0.092442 | 0.216676 | 0.487805 | 0.118289 | 0.079917 | 0.995129 |
1983Q4 | 0.092388 | 0.21708 | 0.487427 | 0.120587 | 0.08097 | 0.998452 |
1984Q1 | 0.092318 | 0.217507 | 0.487031 | 0.122899 | 0.082052 | 1.001807 |
1984Q2 | 0.092232 | 0.217956 | 0.486618 | 0.125224 | 0.083162 | 1.005192 |
1984Q3 | 0.092128 | 0.218429 | 0.486187 | 0.127563 | 0.0843 | 1.008607 |
1984Q4 | 0.092008 | 0.218922 | 0.485739 | 0.129914 | 0.085468 | 1.012051 |
1985Q1 | 0.09187 | 0.219437 | 0.485272 | 0.132279 | 0.086664 | 1.015522 |
1985Q2 | 0.091715 | 0.219973 | 0.484787 | 0.134655 | 0.08789 | 1.01902 |
1985Q3 | 0.091543 | 0.220528 | 0.484283 | 0.137043 | 0.089146 | 1.022543 |
1985Q4 | 0.091353 | 0.221101 | 0.48376 | 0.139443 | 0.090431 | 1.026088 |
1986Q1 | 0.091147 | 0.221693 | 0.483218 | 0.141852 | 0.091747 | 1.029657 |
1986Q2 | 0.090923 | 0.222302 | 0.482657 | 0.144272 | 0.093093 | 1.033247 |
1986Q3 | 0.090682 | 0.222926 | 0.482078 | 0.146702 | 0.094469 | 1.036857 |
1986Q4 | 0.090425 | 0.223565 | 0.481479 | 0.14914 | 0.095875 | 1.040484 |
1987Q1 | 0.090151 | 0.224219 | 0.480862 | 0.151586 | 0.097312 | 1.04413 |
1987Q2 | 0.089861 | 0.224885 | 0.480226 | 0.154039 | 0.09878 | 1.047791 |
1987Q3 | 0.089555 | 0.225563 | 0.479572 | 0.1565 | 0.100278 | 1.051468 |
1987Q4 | 0.089233 | 0.226252 | 0.478901 | 0.158966 | 0.101807 | 1.055159 |
1988Q1 | 0.088896 | 0.226951 | 0.478213 | 0.161438 | 0.103367 | 1.058865 |
1988Q2 | 0.088544 | 0.227659 | 0.477509 | 0.163915 | 0.104958 | 1.062585 |
1988Q3 | 0.088178 | 0.228376 | 0.47679 | 0.166396 | 0.10658 | 1.06632 |
1988Q4 | 0.087797 | 0.229099 | 0.476057 | 0.168882 | 0.108232 | 1.070067 |
1989Q1 | 0.087404 | 0.229828 | 0.475312 | 0.17137 | 0.109915 | 1.073829 |
1989Q2 | 0.086997 | 0.230563 | 0.474554 | 0.173861 | 0.111628 | 1.077603 |
1989Q3 | 0.086578 | 0.231303 | 0.473787 | 0.176355 | 0.113372 | 1.081395 |
1989Q4 | 0.086147 | 0.232046 | 0.473011 | 0.17885 | 0.115146 | 1.0852 |
1990Q1 | 0.085704 | 0.232791 | 0.472229 | 0.181347 | 0.11695 | 1.089021 |
1990Q2 | 0.085251 | 0.233539 | 0.471442 | 0.183843 | 0.118784 | 1.092859 |
1990Q3 | 0.084787 | 0.234288 | 0.470652 | 0.18634 | 0.120647 | 1.096714 |
1990Q4 | 0.084314 | 0.235038 | 0.469862 | 0.188837 | 0.122539 | 1.10059 |
1991Q1 | 0.083832 | 0.235788 | 0.469073 | 0.191333 | 0.12446 | 1.104486 |
1991Q2 | 0.083341 | 0.236537 | 0.468289 | 0.193827 | 0.12641 | 1.108404 |
1991Q3 | 0.082843 | 0.237284 | 0.46751 | 0.196319 | 0.128387 | 1.112343 |
1991Q4 | 0.082337 | 0.23803 | 0.46674 | 0.19881 | 0.130393 | 1.11631 |
1992Q1 | 0.081825 | 0.238773 | 0.465981 | 0.201297 | 0.132426 | 1.120302 |
1992Q2 | 0.081308 | 0.239514 | 0.465235 | 0.203782 | 0.134485 | 1.124324 |
1992Q3 | 0.080785 | 0.240251 | 0.464504 | 0.206264 | 0.136571 | 1.128375 |
1992Q4 | 0.080258 | 0.240984 | 0.463791 | 0.208743 | 0.138683 | 1.132459 |
1993Q1 | 0.079728 | 0.241712 | 0.463098 | 0.211218 | 0.14082 | 1.136576 |
1993Q2 | 0.079196 | 0.242436 | 0.462426 | 0.213689 | 0.142982 | 1.140729 |
1993Q3 | 0.078662 | 0.243155 | 0.461778 | 0.216157 | 0.145168 | 1.14492 |
1993Q4 | 0.078126 | 0.243867 | 0.461155 | 0.218622 | 0.147377 | 1.149147 |
1994Q1 | 0.077591 | 0.244574 | 0.460559 | 0.221083 | 0.149609 | 1.153416 |
1994Q2 | 0.077057 | 0.245273 | 0.459992 | 0.22354 | 0.151862 | 1.157724 |
1994Q3 | 0.076524 | 0.245966 | 0.459453 | 0.225994 | 0.154136 | 1.162073 |
1994Q4 | 0.075993 | 0.246652 | 0.458946 | 0.228445 | 0.15643 | 1.166466 |
1995Q1 | 0.075465 | 0.24733 | 0.45847 | 0.230893 | 0.158743 | 1.170901 |
1995Q2 | 0.074942 | 0.248 | 0.458026 | 0.233338 | 0.161073 | 1.175379 |
1995Q3 | 0.074423 | 0.248662 | 0.457616 | 0.23578 | 0.16342 | 1.179901 |
1995Q4 | 0.073909 | 0.249315 | 0.45724 | 0.23822 | 0.165782 | 1.184466 |
1996Q1 | 0.073401 | 0.249959 | 0.456898 | 0.240658 | 0.168157 | 1.189073 |
1996Q2 | 0.072901 | 0.250595 | 0.456591 | 0.243094 | 0.170545 | 1.193726 |
1996Q3 | 0.072408 | 0.251221 | 0.456319 | 0.245528 | 0.172943 | 1.198419 |
1996Q4 | 0.071923 | 0.251838 | 0.456084 | 0.247961 | 0.175351 | 1.203157 |
1997Q1 | 0.071447 | 0.252445 | 0.455884 | 0.250393 | 0.177766 | 1.207935 |
1997Q2 | 0.070981 | 0.253043 | 0.45572 | 0.252824 | 0.180186 | 1.212754 |
1997Q3 | 0.070525 | 0.25363 | 0.455593 | 0.255255 | 0.182611 | 1.217614 |
1997Q4 | 0.07008 | 0.254207 | 0.455502 | 0.257685 | 0.185037 | 1.222511 |
1998Q1 | 0.069646 | 0.254773 | 0.455447 | 0.260115 | 0.187463 | 1.227444 |
1998Q2 | 0.069224 | 0.255329 | 0.455428 | 0.262544 | 0.189887 | 1.232412 |
1998Q3 | 0.068815 | 0.255874 | 0.455445 | 0.264974 | 0.192307 | 1.237415 |
1998Q4 | 0.068418 | 0.256407 | 0.455497 | 0.267404 | 0.19472 | 1.242446 |
1999Q1 | 0.068035 | 0.25693 | 0.455584 | 0.269833 | 0.197124 | 1.247506 |
1999Q2 | 0.067666 | 0.257441 | 0.455706 | 0.272263 | 0.199517 | 1.252593 |
1999Q3 | 0.067311 | 0.257941 | 0.455861 | 0.274692 | 0.201897 | 1.257702 |
1999Q4 | 0.066971 | 0.258429 | 0.45605 | 0.277121 | 0.204261 | 1.262832 |
2000Q1 | 0.066646 | 0.258905 | 0.456272 | 0.27955 | 0.206607 | 1.26798 |
2000Q2 | 0.066337 | 0.259371 | 0.456525 | 0.281978 | 0.208932 | 1.273143 |
2000Q3 | 0.066043 | 0.259825 | 0.456808 | 0.284405 | 0.211235 | 1.278316 |
2000Q4 | 0.065765 | 0.260267 | 0.457122 | 0.286831 | 0.213512 | 1.283497 |
2001Q1 | 0.065503 | 0.260699 | 0.457464 | 0.289256 | 0.21576 | 1.288682 |
2001Q2 | 0.065258 | 0.261119 | 0.457833 | 0.291679 | 0.217979 | 1.293868 |
2001Q3 | 0.06503 | 0.261529 | 0.45823 | 0.2941 | 0.220164 | 1.299053 |
2001Q4 | 0.064818 | 0.261929 | 0.458651 | 0.296518 | 0.222314 | 1.30423 |
2002Q1 | 0.064624 | 0.26232 | 0.459097 | 0.298933 | 0.224426 | 1.3094 |
2002Q2 | 0.064447 | 0.262701 | 0.459566 | 0.301345 | 0.226498 | 1.314557 |
2002Q3 | 0.064288 | 0.263073 | 0.460056 | 0.303753 | 0.228527 | 1.319697 |
2002Q4 | 0.064145 | 0.263437 | 0.460567 | 0.306156 | 0.23051 | 1.324815 |
2003Q1 | 0.064021 | 0.263794 | 0.461096 | 0.308555 | 0.232446 | 1.329912 |
2003Q2 | 0.063914 | 0.264145 | 0.461643 | 0.310949 | 0.234332 | 1.334983 |
2003Q3 | 0.063824 | 0.26449 | 0.462206 | 0.313339 | 0.236165 | 1.340024 |
2003Q4 | 0.063752 | 0.26483 | 0.462784 | 0.315722 | 0.237944 | 1.345032 |
2004Q1 | 0.063697 | 0.265166 | 0.463374 | 0.318101 | 0.239667 | 1.350005 |
2004Q2 | 0.06366 | 0.265499 | 0.463975 | 0.320474 | 0.24133 | 1.354938 |
2004Q3 | 0.063641 | 0.26583 | 0.464586 | 0.322842 | 0.242932 | 1.359831 |
2004Q4 | 0.063638 | 0.26616 | 0.465206 | 0.325204 | 0.24447 | 1.364678 |
2005Q1 | 0.063653 | 0.26649 | 0.465831 | 0.327561 | 0.245944 | 1.369479 |
2005Q2 | 0.063684 | 0.26682 | 0.466462 | 0.329912 | 0.247351 | 1.374229 |
2005Q3 | 0.063732 | 0.267152 | 0.467095 | 0.332258 | 0.248689 | 1.378926 |
2005Q4 | 0.063796 | 0.267486 | 0.467731 | 0.334599 | 0.249957 | 1.383569 |
2006Q1 | 0.063877 | 0.267823 | 0.468366 | 0.336934 | 0.251154 | 1.388154 |
2006Q2 | 0.063973 | 0.268164 | 0.469 | 0.339263 | 0.252278 | 1.392678 |
2006Q3 | 0.064085 | 0.26851 | 0.469632 | 0.341586 | 0.253329 | 1.397142 |
2006Q4 | 0.064211 | 0.268861 | 0.470259 | 0.343903 | 0.254306 | 1.40154 |
2007Q1 | 0.064353 | 0.269216 | 0.470882 | 0.346213 | 0.255209 | 1.405873 |
2007Q2 | 0.064508 | 0.269578 | 0.471498 | 0.348516 | 0.256039 | 1.410139 |
2007Q3 | 0.064678 | 0.269946 | 0.472106 | 0.350812 | 0.256795 | 1.414337 |
2007Q4 | 0.064861 | 0.27032 | 0.472707 | 0.3531 | 0.257479 | 1.418467 |
2008Q1 | 0.065057 | 0.270701 | 0.473299 | 0.355379 | 0.258091 | 1.422527 |
2008Q2 | 0.065266 | 0.271088 | 0.473881 | 0.357649 | 0.258634 | 1.426518 |
2008Q3 | 0.065486 | 0.271482 | 0.474452 | 0.35991 | 0.259109 | 1.430439 |
2008Q4 | 0.065718 | 0.271882 | 0.475014 | 0.362161 | 0.259518 | 1.434293 |
2009Q1 | 0.065961 | 0.27229 | 0.475564 | 0.364401 | 0.259865 | 1.438081 |
2009Q2 | 0.066214 | 0.272703 | 0.476104 | 0.36663 | 0.26015 | 1.441801 |
2009Q3 | 0.066477 | 0.273123 | 0.476633 | 0.368849 | 0.260378 | 1.44546 |
2009Q4 | 0.066749 | 0.27355 | 0.477152 | 0.371056 | 0.260552 | 1.449059 |
2010Q1 | 0.06703 | 0.273982 | 0.477662 | 0.373252 | 0.260675 | 1.452601 |
2010Q2 | 0.067318 | 0.274421 | 0.478162 | 0.375437 | 0.260751 | 1.456089 |
2010Q3 | 0.067614 | 0.274865 | 0.478653 | 0.377611 | 0.260783 | 1.459526 |
2010Q4 | 0.067917 | 0.275315 | 0.479136 | 0.379774 | 0.260774 | 1.462916 |
2011Q1 | 0.068225 | 0.27577 | 0.479612 | 0.381928 | 0.260728 | 1.466263 |
2011Q2 | 0.06854 | 0.27623 | 0.480082 | 0.384072 | 0.260649 | 1.469573 |
2011Q3 | 0.068859 | 0.276695 | 0.480546 | 0.386207 | 0.260539 | 1.472846 |
2011Q4 | 0.069183 | 0.277164 | 0.481004 | 0.388334 | 0.260403 | 1.476088 |
2012Q1 | 0.06951 | 0.277638 | 0.481458 | 0.390453 | 0.260243 | 1.479302 |
B. Disaggregated by Type of Credit
DATES | BF CORPORATE BONDS AND CP | NF BUSINESS CREDIT | COMMERCIAL MORTGAGES | CONSUMER CREDIT | HOME MORTGAGES | STACKED TOTAL |
---|---|---|---|---|---|---|
1980Q1 | 0.148066 | 0.210334 | 0.173504 | 0.124569 | 0.309507 | 0.96598 |
1980Q2 | 0.148491 | 0.210938 | 0.17367 | 0.124724 | 0.311209 | 0.969032 |
1980Q3 | 0.148936 | 0.211532 | 0.173827 | 0.124886 | 0.312941 | 0.972122 |
1980Q4 | 0.1494 | 0.212115 | 0.173976 | 0.125054 | 0.314702 | 0.975247 |
1981Q1 | 0.149885 | 0.212688 | 0.174117 | 0.12523 | 0.316495 | 0.978415 |
1981Q2 | 0.15039 | 0.213249 | 0.174249 | 0.125414 | 0.318317 | 0.981619 |
1981Q3 | 0.150916 | 0.213799 | 0.174372 | 0.125604 | 0.320171 | 0.984862 |
1981Q4 | 0.151464 | 0.214336 | 0.174486 | 0.125803 | 0.322056 | 0.988145 |
1982Q1 | 0.152032 | 0.214861 | 0.174591 | 0.126009 | 0.323972 | 0.991465 |
1982Q2 | 0.152622 | 0.215372 | 0.174687 | 0.126223 | 0.32592 | 0.994824 |
1982Q3 | 0.153234 | 0.215869 | 0.174773 | 0.126445 | 0.327901 | 0.998222 |
1982Q4 | 0.153867 | 0.216353 | 0.174849 | 0.126675 | 0.329913 | 1.001657 |
1983Q1 | 0.154522 | 0.216821 | 0.174915 | 0.126913 | 0.331958 | 1.005129 |
1983Q2 | 0.155199 | 0.217274 | 0.174971 | 0.127159 | 0.334035 | 1.008638 |
1983Q3 | 0.155897 | 0.217712 | 0.175016 | 0.127412 | 0.336145 | 1.012182 |
1983Q4 | 0.156617 | 0.218134 | 0.17505 | 0.127674 | 0.338288 | 1.015763 |
1984Q1 | 0.157357 | 0.21854 | 0.175072 | 0.127943 | 0.340464 | 1.019376 |
1984Q2 | 0.158119 | 0.21893 | 0.175083 | 0.12822 | 0.342672 | 1.023024 |
1984Q3 | 0.158901 | 0.219302 | 0.175082 | 0.128504 | 0.344913 | 1.026702 |
1984Q4 | 0.159703 | 0.219658 | 0.175069 | 0.128796 | 0.347186 | 1.030412 |
1985Q1 | 0.160525 | 0.219996 | 0.175044 | 0.129095 | 0.349491 | 1.034151 |
1985Q2 | 0.161366 | 0.220317 | 0.175006 | 0.1294 | 0.351828 | 1.037917 |
1985Q3 | 0.162225 | 0.22062 | 0.174955 | 0.129713 | 0.354196 | 1.041709 |
1985Q4 | 0.163102 | 0.220905 | 0.174891 | 0.130032 | 0.356594 | 1.045524 |
1986Q1 | 0.163996 | 0.221172 | 0.174814 | 0.130357 | 0.359024 | 1.049363 |
1986Q2 | 0.164906 | 0.221421 | 0.174724 | 0.130689 | 0.361482 | 1.053222 |
1986Q3 | 0.165832 | 0.221652 | 0.17462 | 0.131027 | 0.36397 | 1.057101 |
1986Q4 | 0.166772 | 0.221864 | 0.174503 | 0.131371 | 0.366487 | 1.060997 |
1987Q1 | 0.167726 | 0.222059 | 0.174373 | 0.131721 | 0.369032 | 1.064911 |
1987Q2 | 0.168692 | 0.222235 | 0.174229 | 0.132077 | 0.371604 | 1.068837 |
1987Q3 | 0.169671 | 0.222394 | 0.174073 | 0.132439 | 0.374203 | 1.07278 |
1987Q4 | 0.17066 | 0.222535 | 0.173903 | 0.132807 | 0.376828 | 1.076733 |
1988Q1 | 0.17166 | 0.222658 | 0.17372 | 0.133181 | 0.37948 | 1.080699 |
1988Q2 | 0.17267 | 0.222765 | 0.173526 | 0.133561 | 0.382157 | 1.084679 |
1988Q3 | 0.173688 | 0.222855 | 0.173319 | 0.133948 | 0.384859 | 1.088669 |
1988Q4 | 0.174714 | 0.222929 | 0.173102 | 0.13434 | 0.387585 | 1.09267 |
1989Q1 | 0.175746 | 0.222987 | 0.172873 | 0.134738 | 0.390336 | 1.09668 |
1989Q2 | 0.176785 | 0.223029 | 0.172635 | 0.135143 | 0.393111 | 1.100703 |
1989Q3 | 0.177829 | 0.223057 | 0.172388 | 0.135555 | 0.395909 | 1.104738 |
1989Q4 | 0.178878 | 0.223071 | 0.172132 | 0.135972 | 0.39873 | 1.108783 |
1990Q1 | 0.179931 | 0.223071 | 0.171869 | 0.136397 | 0.401575 | 1.112843 |
1990Q2 | 0.180986 | 0.223058 | 0.171599 | 0.136828 | 0.404442 | 1.116913 |
1990Q3 | 0.182044 | 0.223034 | 0.171324 | 0.137267 | 0.407331 | 1.121 |
1990Q4 | 0.183103 | 0.222997 | 0.171044 | 0.137712 | 0.410243 | 1.125099 |
1991Q1 | 0.184163 | 0.22295 | 0.170761 | 0.138165 | 0.413177 | 1.129216 |
1991Q2 | 0.185223 | 0.222894 | 0.170477 | 0.138625 | 0.416133 | 1.133352 |
1991Q3 | 0.186282 | 0.222828 | 0.170192 | 0.139093 | 0.419112 | 1.137507 |
1991Q4 | 0.18734 | 0.222754 | 0.169907 | 0.139568 | 0.422112 | 1.141681 |
1992Q1 | 0.188395 | 0.222673 | 0.169625 | 0.140051 | 0.425134 | 1.145878 |
1992Q2 | 0.189448 | 0.222586 | 0.169346 | 0.140542 | 0.428179 | 1.150101 |
1992Q3 | 0.190497 | 0.222493 | 0.169072 | 0.14104 | 0.431247 | 1.154349 |
1992Q4 | 0.191542 | 0.222396 | 0.168805 | 0.141547 | 0.434337 | 1.158627 |
1993Q1 | 0.192583 | 0.222295 | 0.168545 | 0.142061 | 0.43745 | 1.162934 |
1993Q2 | 0.193617 | 0.22219 | 0.168295 | 0.142584 | 0.440587 | 1.167273 |
1993Q3 | 0.194645 | 0.222083 | 0.168055 | 0.143114 | 0.443747 | 1.171644 |
1993Q4 | 0.195666 | 0.221973 | 0.167828 | 0.143651 | 0.44693 | 1.176048 |
1994Q1 | 0.196679 | 0.221862 | 0.167614 | 0.144196 | 0.450138 | 1.180489 |
1994Q2 | 0.197684 | 0.22175 | 0.167414 | 0.144747 | 0.45337 | 1.184965 |
1994Q3 | 0.19868 | 0.221637 | 0.167231 | 0.145306 | 0.456626 | 1.18948 |
1994Q4 | 0.199666 | 0.221524 | 0.167065 | 0.14587 | 0.459907 | 1.194032 |
1995Q1 | 0.200643 | 0.221411 | 0.166918 | 0.146441 | 0.463213 | 1.198626 |
1995Q2 | 0.201609 | 0.221297 | 0.16679 | 0.147018 | 0.466544 | 1.203258 |
1995Q3 | 0.202563 | 0.221184 | 0.166682 | 0.147599 | 0.469899 | 1.207927 |
1995Q4 | 0.203506 | 0.22107 | 0.166596 | 0.148186 | 0.473279 | 1.212637 |
1996Q1 | 0.204437 | 0.220957 | 0.166533 | 0.148776 | 0.476684 | 1.217387 |
1996Q2 | 0.205356 | 0.220844 | 0.166492 | 0.149371 | 0.480114 | 1.222177 |
1996Q3 | 0.206261 | 0.220731 | 0.166475 | 0.14997 | 0.483567 | 1.227004 |
1996Q4 | 0.207154 | 0.220619 | 0.166483 | 0.150571 | 0.487045 | 1.231872 |
1997Q1 | 0.208032 | 0.220506 | 0.166516 | 0.151175 | 0.490546 | 1.236775 |
1997Q2 | 0.208897 | 0.220394 | 0.166574 | 0.151782 | 0.494069 | 1.241716 |
1997Q3 | 0.209747 | 0.220281 | 0.166658 | 0.152391 | 0.497615 | 1.246692 |
1997Q4 | 0.210583 | 0.220168 | 0.166769 | 0.153001 | 0.501183 | 1.251704 |
1998Q1 | 0.211403 | 0.220055 | 0.166905 | 0.153613 | 0.504771 | 1.256747 |
1998Q2 | 0.212208 | 0.219941 | 0.167068 | 0.154226 | 0.508378 | 1.261821 |
1998Q3 | 0.212997 | 0.219827 | 0.167257 | 0.154839 | 0.512003 | 1.266923 |
1998Q4 | 0.213771 | 0.219712 | 0.167473 | 0.155452 | 0.515646 | 1.272054 |
1999Q1 | 0.214527 | 0.219597 | 0.167715 | 0.156065 | 0.519304 | 1.277208 |
1999Q2 | 0.215268 | 0.21948 | 0.167982 | 0.156677 | 0.522975 | 1.282382 |
1999Q3 | 0.215991 | 0.219363 | 0.168276 | 0.157289 | 0.526659 | 1.287578 |
1999Q4 | 0.216698 | 0.219245 | 0.168594 | 0.157898 | 0.530353 | 1.292788 |
2000Q1 | 0.217388 | 0.219126 | 0.168938 | 0.158507 | 0.534055 | 1.298014 |
2000Q2 | 0.218061 | 0.219006 | 0.169305 | 0.159113 | 0.537762 | 1.303247 |
2000Q3 | 0.218717 | 0.218886 | 0.169697 | 0.159716 | 0.541474 | 1.30849 |
2000Q4 | 0.219356 | 0.218765 | 0.170111 | 0.160317 | 0.545187 | 1.313736 |
2001Q1 | 0.219978 | 0.218644 | 0.170548 | 0.160914 | 0.548898 | 1.318982 |
2001Q2 | 0.220584 | 0.218522 | 0.171006 | 0.161508 | 0.552605 | 1.324225 |
2001Q3 | 0.221174 | 0.218401 | 0.171486 | 0.162097 | 0.556306 | 1.329464 |
2001Q4 | 0.221748 | 0.218281 | 0.171986 | 0.162682 | 0.559996 | 1.334693 |
2002Q1 | 0.222306 | 0.218162 | 0.172504 | 0.163263 | 0.563673 | 1.339908 |
2002Q2 | 0.22285 | 0.218044 | 0.173042 | 0.163839 | 0.567334 | 1.345109 |
2002Q3 | 0.22338 | 0.217928 | 0.173596 | 0.16441 | 0.570976 | 1.35029 |
2002Q4 | 0.223895 | 0.217814 | 0.174168 | 0.164975 | 0.574596 | 1.355448 |
2003Q1 | 0.224398 | 0.217703 | 0.174754 | 0.165535 | 0.578189 | 1.360579 |
2003Q2 | 0.224889 | 0.217594 | 0.175356 | 0.16609 | 0.581753 | 1.365682 |
2003Q3 | 0.225369 | 0.217489 | 0.175971 | 0.166639 | 0.585285 | 1.370753 |
2003Q4 | 0.225838 | 0.217387 | 0.176598 | 0.167183 | 0.588782 | 1.375788 |
2004Q1 | 0.226298 | 0.217289 | 0.177237 | 0.16772 | 0.59224 | 1.380784 |
2004Q2 | 0.22675 | 0.217195 | 0.177887 | 0.168253 | 0.595656 | 1.385741 |
2004Q3 | 0.227195 | 0.217105 | 0.178546 | 0.168779 | 0.599028 | 1.390653 |
2004Q4 | 0.227633 | 0.217018 | 0.179214 | 0.1693 | 0.602352 | 1.395517 |
2005Q1 | 0.228066 | 0.216936 | 0.179888 | 0.169816 | 0.605626 | 1.400332 |
2005Q2 | 0.228495 | 0.216856 | 0.18057 | 0.170327 | 0.608847 | 1.405095 |
2005Q3 | 0.228921 | 0.216781 | 0.181256 | 0.170832 | 0.612012 | 1.409802 |
2005Q4 | 0.229344 | 0.216708 | 0.181946 | 0.171332 | 0.61512 | 1.41445 |
2006Q1 | 0.229767 | 0.216639 | 0.18264 | 0.171828 | 0.618168 | 1.419042 |
2006Q2 | 0.230189 | 0.216572 | 0.183336 | 0.172319 | 0.621155 | 1.423571 |
2006Q3 | 0.230611 | 0.216507 | 0.184033 | 0.172805 | 0.624078 | 1.428034 |
2006Q4 | 0.231035 | 0.216444 | 0.18473 | 0.173287 | 0.626936 | 1.432432 |
2007Q1 | 0.23146 | 0.216383 | 0.185426 | 0.173765 | 0.629729 | 1.436763 |
2007Q2 | 0.231887 | 0.216322 | 0.18612 | 0.174238 | 0.632455 | 1.441022 |
2007Q3 | 0.232318 | 0.216262 | 0.186812 | 0.174708 | 0.635114 | 1.445214 |
2007Q4 | 0.232752 | 0.216201 | 0.187501 | 0.175174 | 0.637706 | 1.449334 |
2008Q1 | 0.233189 | 0.216141 | 0.188185 | 0.175637 | 0.640231 | 1.453383 |
2008Q2 | 0.23363 | 0.21608 | 0.188865 | 0.176096 | 0.642689 | 1.45736 |
2008Q3 | 0.234076 | 0.216018 | 0.18954 | 0.176552 | 0.645082 | 1.461268 |
2008Q4 | 0.234526 | 0.215956 | 0.190209 | 0.177005 | 0.64741 | 1.465106 |
2009Q1 | 0.23498 | 0.215892 | 0.190872 | 0.177456 | 0.649675 | 1.468875 |
2009Q2 | 0.235439 | 0.215828 | 0.191529 | 0.177904 | 0.651878 | 1.472578 |
2009Q3 | 0.235903 | 0.215763 | 0.19218 | 0.17835 | 0.654022 | 1.476218 |
2009Q4 | 0.236371 | 0.215699 | 0.192824 | 0.178794 | 0.656109 | 1.479797 |
2010Q1 | 0.236843 | 0.215634 | 0.193462 | 0.179236 | 0.658141 | 1.483316 |
2010Q2 | 0.23732 | 0.215569 | 0.194094 | 0.179677 | 0.660121 | 1.486781 |
2010Q3 | 0.237801 | 0.215505 | 0.19472 | 0.180117 | 0.662052 | 1.490195 |
2010Q4 | 0.238287 | 0.215442 | 0.195341 | 0.180556 | 0.663938 | 1.493564 |
2011Q1 | 0.238776 | 0.21538 | 0.195956 | 0.180994 | 0.665781 | 1.496887 |
2011Q2 | 0.239269 | 0.215319 | 0.196567 | 0.181431 | 0.667585 | 1.500171 |
2011Q3 | 0.239766 | 0.21526 | 0.197174 | 0.181868 | 0.669354 | 1.503422 |
2011Q4 | 0.240266 | 0.215202 | 0.197776 | 0.182305 | 0.67109 | 1.506639 |
2012Q1 | 0.24077 | 0.215145 | 0.198375 | 0.182741 | 0.672797 | 1.509828 |