We test a bank credit channel through which unexpected increases in inflation lead to short-run macroeconomic fluctuations. For identification, we study an unexpected U.S. inflation increase in early 1977 and exploit differences in state-level reserve requirements for Federal Reserve nonmember banks, which create differences in banks’ inflation exposures. More exposed banks reduce lending, lowering local house prices and construction employment. We provide evidence for potential mechanisms, including a bank net wealth and a loan misallocation channel. Our results suggest that an important consequence of inflation is its impairment of the banking sector.

中文翻译：

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通货膨胀和脱媒


我们测试了银行信贷渠道，通过该渠道，通胀意外上升会导致短期宏观经济波动。为了进行识别，我们研究了 1977 年初美国通胀意外上升的情况，并利用了联邦储备委员会非成员银行各州准备金要求的差异，这造成了银行通胀风险的差异。风险敞口较大的银行减少贷款，降低当地房价和建筑业就业。我们提供了潜在机制的证据，包括银行净财富和贷款错配渠道。我们的研究结果表明，通货膨胀的一个重要后果是对银行业的损害。