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Professor Johannes Stroebel discusses his research on the impact of reduced lending costs on the economy

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Excerpt from the Financial Times -- "A headline takeaway from our paper is that these broad credit expansions making it cheaper for banks to refinance themselves in the hope that they would then pass on that extra credit to households is not a particularly well-targeted policy in the sense that it doesn't seem to reach those households that want to borrow the most and that it disproportionately reaches wealthier, higher-creditworthiness households that don't want to spend a lot."

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