{"id":56053,"date":"2023-12-01T18:54:31","date_gmt":"2023-12-01T17:54:31","guid":{"rendered":"https:\/\/www.wifo.ac.at\/publication\/individual-credit-market-experience-and-perception-of-aggregate-bank-lending-evidence-from-a-firm-survey\/"},"modified":"2024-11-07T06:28:36","modified_gmt":"2024-11-07T05:28:36","slug":"individual-credit-market-experience-and-perception-of-aggregate-bank-lending-evidence-from-a-firm-survey","status":"publish","type":"publication","link":"https:\/\/www.wifo.ac.at\/en\/publication\/56053\/","title":{"rendered":"Individual Credit Market Experience and Perception of Aggregate Bank Lending. Evidence from a Firm Survey"},"content":{"rendered":"","protected":false},"featured_media":0,"template":"","class_list":["post-56053","publication","type-publication","status-publish","hentry"],"acf":{"subtitle":"","text":"We show that firms' credit market experience determines their perception of aggregate bank lending policy using panel data from the Austrian Business Survey between 2011 and 2016. Loan rejections have a strongly negative and persistent effect on perceptions. Interestingly, firms that receive a loan at worse than anticipated conditions show a similarly negative effect. Firms that do not need a loan tend to perceive lending policy as neutral and revise their perceptions less often. Our findings are in line with theories on sticky information, rational inattention and pessimism bias and suggest considering experience for the aggregation of perceptions.","onlinedate":"2018-12-20 12:00:00","lang":"English","publication_series":"","publication_date":"20181201","publication_date_year":"","publication_date_full":false,"publication_num_pages":"34","keywords":"[\"Perception of lending policy\",\"behavioral macroeconomics\",\"formation of perceptions\",\"pessimism bias\",\"rational inattention\",\"sticky information\"]","jelcodes":"[\"G21\",\"E51\",\"D03\"]","related_publications":"[]","pdf":387882,"zip":null,"link":"","monthly_report":true,"monthly_report_main":false,"monthly_report_volume":"","monthly_report_pages":"","monthly_report_pages_sort":"0","issue":"574","journal":"WIFO Working Papers","publisher":"","invisible":false,"external":false,"embargo_date":"2018-12-20 12:00:00","types":[44410],"research_groups":[3491],"collaboration":"","persons":[4537,15893,3607],"persons_data":"[{\"personId\":4537,\"personName\":\"Jarko Fidrmuc\",\"organisationNames\":[]},{\"personId\":15893,\"personName\":\"Christa Hainz\",\"organisationNames\":[]},{\"personId\":3607,\"personName\":\"Werner H\u00f6lzl\",\"organisationNames\":[]}]","clients":[],"subclients":[],"partners":[],"topics":[],"host_publication_title":"","host_publication_subtitle":"","place_of_publication":"","host_publication_editors":"[]","type_description":"","output_media":"","chapter":"","article_number":"","scientific_assistance":"[]","scientific_review":"[]","version":"","release_date":null,"expiration_date":null,"surveyor":"","research_assistance":"","edv":"","additional_info_de":"","additional_info_en":""},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.3 (Yoast SEO v27.3) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Individual Credit Market Experience and Perception of Aggregate Bank Lending. 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