One proxy of price rationing of credit is an aggregation of information on interest rates, while loan officer survey data measures quantity rationing of credit, meaning some borrowers are denied loans. The latter Granger causes real GDP but the former does not. The loan officer survey is a better leading indicator of credit market conditions that affect real activity.
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Lown, C.; Morgan, D. The Credit Cycle and the Business Cycle: New Findings Using the Loan Officer Opinion Survey. J. Money Credit Bank. 2006, 38, 1574–1597.
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