https://macropaperwarehouse.com/authors/rebecca-zarutskie/Rebecca ZarutskieHugo -- gohugo.ioen-ushttps://macropaperwarehouse.com/papers/motivating-banks-to-lend-credit-spillover-effects-of-the-main-street-lending-program/https://macropaperwarehouse.com/papers/motivating-banks-to-lend-credit-spillover-effects-of-the-main-street-lending-program/<p><strong>Research Question.</strong> Minoiu, Zarutskie, and Zlate ask whether participation in the Main Street Lending Program (MSLP)—a Federal Reserve emergency facility launched in mid-2020 to channel credit to small and mid-sized firms during the COVID-19 pandemic—caused banks to lend more <em>outside</em> the program. The authors focus on credit spillover effects: did MSLP-participating banks ease standards and expand volumes on their general commercial and industrial (C&amp;I) loan books, beyond the direct loans originated under the program itself?</p>