巴德学院利维经济研究所-货币政策、存款资金冲击与银行信贷供给：银行四级证据 Monetary Policy, Deposit Funding Shocks, and Bank Credit Supply Bank-Level IV Evidence.pdfVIP

WorkingPaperNo.1106

MonetaryPolicy,DepositFundingShocks,andBankCreditSupply:

Bank-LevelIVEvidence

by

ChenningXu

LevyEconomicsInstitute

February2026

Authorcontact:chenningxuecon@

TheLevyEconomicsInstituteWorkingPaperCollectionpresentsresearchinprogressbyLevyInstitutescholarsand

conferenceparticipants.Thepurposeoftheseriesistodisseminateideastoandelicitcommentsfromacademicsand

professionals.

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independentlyfundedresearchorganizationdevotedtopublicservice.Throughscholarshipand

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ISSN1547-366X

ABSTRACT

Thispaperexamineshowmonetarytighteningtransmitstobankcreditsupplythroughdeposit

fundingconditionsduringthe2022–23cycle.Usingaquarterlypanelofmorethan3,800US

commercialbanks,itconstructspredeterminedexposureindicesmeasuringdepositor

sophistication,branchintensity,andlocaldeposit-marketconcentration,andinteractsthese