We test whether the credit channel of the monetary policy was present in the United States’ economy from January 2001 to April 2016. To this end, we use a factor-augmented vector autoregression, and we impose sensible theoretical sign restrictions in our structural identification scheme. We use the expected substitution effect between bank commercial loans and commercial papers to identify the credit supply channel. We found that the credit channel appears to have operated in the US economy during the sample period. However, when we split the sample, we found that the credit channel did not operate after the subprime crisis (close to the Zero Lower Bound of the interest rate). This result is robust to changing the sign restriction horizons. It supports current views in the literature regarding the ineffectiveness of the credit channel as a means to foster real economic activity during crises episodes.

中文翻译：

---

货币政策的信贷供应渠道：来自FAVAR模型的信号限制标志

我们测试了2001年1月至2016年4月美国经济中是否存在货币政策的信贷渠道。为此，我们使用了因子增强的向量自回归，并在结构识别方案中施加了合理的理论符号限制。 。我们使用银行商业贷款和商业票据之间的预期替代效应来确定信贷供应渠道。我们发现，在样本期内，信贷渠道似乎已在美国经济中运作。但是，当我们拆分样本时，我们发现在次贷危机之后（接近于利率的零下限），信贷渠道无法运作。该结果对于改变符号限制范围是可靠的。