We present a macroeconomic analysis of loan sales driven by bank competition in lending and entrepreneur directed search for funding opportunities. We show how these two features of our macrofinance model can interact to reduce interest rates on loans financed via on‐balance‐sheet activities, and how this can motivate loan sales as a strategy of financing via off‐balance‐sheet activities. The results shed some light on the shift over the years preceding the global financial crisis in the practice of U.S. and European banks, from the traditional “originate‐to‐hold” model of credit provision, toward the “originate‐to‐distribute” approach for credit extension. (JEL E44, G21, G24).

中文翻译：

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贷款竞争和贷款销售：直接搜索下的宏观经济分析

我们提供了由银行在贷款中的竞争和企业家指导的融资机会驱动的贷款销售的宏观经济分析。我们展示了我们的宏观金融模型的这两个特征如何相互作用以降低通过表内活动融资的贷款的利率，以及这如何通过表外活动作为融资策略来激励贷款销售。这一结果揭示了全球金融危机之前美国和欧洲银行的做法从传统的“从原先持有”到“信贷提供”的模式向“由原先发行”到“分配”的转变。信用扩展。（ JEL E44，G21，G24）。