A reduction in lender of last resort (LOLR) policy uncertainty positively affects bank lending and propagates to investment and employment. We exploit a unique policy that reduced uncertainty regarding the availability of future LOLR funding for banks as a quasi-natural experiment. Using micro-level data on banks, firms and loans in Portugal, we generate cross-sectional variation in banks’ exposure to uncertainty and find that the size of the haircut subsidy - the gap between private market and central bank security valuations - plays a key role in the propagation of the shock to lending and the real economy.

中文翻译：

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政策不确定性，最后贷款人与实体经济

减少最后贷款人（LOLR）政策的不确定性会对银行贷款产生积极影响，并传播到投资和就业中。我们采用了一项独特的政策，即通过准自然实验来减少有关银行未来LOLR资金可用性的不确定性。利用葡萄牙银行，公司和贷款的微观数据，我们得出银行不确定性风险的横截面变化，发现减免补贴的规模（私人市场与中央银行证券估值之间的差距）起着关键作用。在对贷款和实体经济的冲击传播中发挥重要作用。