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| This paper studies monetary policy transmission through BigTech and traditional banks. By comparing business loans made by a BigTech bank with those made by traditional banks it finds that BigTech credit amplifies monetary policy transmission mainly through the extensive margin. Specifically the BigTech bank is more likely to grant credit to new borrowers compared with conventional banks in response to expansionary monetary policy. The BigTech bank‘s advantages in information monitoring and risk management are the potential mechanisms. In addition monetary policy has a stronger impact on the real economy through BigTech lending. |
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