Research Discussion Paper – RDP 2022-07 The Term Funding Facility: Has It Encouraged Business Lending?


We are particularly grateful for James Bishop's feedback and technical help. We would also like to thank Ben Jackman, Carl Schwartz, Chris Kent, Claudia Kwapil, John Simon, Jonathan Kearns, Kilian Rieder, Marion Kohler, Susan Black and seminar participants at the Reserve Bank of Australia for helpful comments and discussion. The views expressed in this paper are those of the authors and do not necessarily reflect the views of the Reserve Bank of Australia. The authors are solely responsible for any errors.