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Finance and Economics Discussion Series: Data for paper 001239

The Effectiveness of the Non-Standard Policy Measures during the Financial Crises: The Experiences of the Federal Reserve and the European Central Bank

Seth B. Carpenter, Selva Demiralp, and Jens Eisenschmidt

Figure 1: C &I Loans in the US

obs CI_LOANS Loan rate-FFR Libor-OIS
2001M07 1067083.9    
2001M08 1058859.16    
2001M09 1061980.25    
2001M10 1046649.16    
2001M11 1036633.02    
2001M12 1023573.92    
2002M01 1015235.79 2.05067304333333 0.21
2002M02 1018822.46 1.94725424666666 0.269999999999999
2002M03 1013463.76 1.86383545 0.0699999999999998
2002M04 1003361.59 1.83593918333333 0.0799999999999998
2002M05 994855.51 1.82804291666666 0.07
2002M06 988273.76 1.82014665 0.04
2002M07 981447.48 1.80984562666666 0.09
2002M08 977205.55 1.76954460333333 0.13
2002M09 971442.06 1.72924358 0.03
2002M10 968381.69 1.81437535333333 -0.19
2002M11 966496.82 2.30950712666666 0.109999999999999
2002M12 961847.58 2.4946389 0.12
2003M01 954652.79 2.33091431666666 0.12
2003M02 945005.66 2.14718973333333 0.08
2003M03 940639.19 1.99346515 0.16
2003M04 939643.94 1.96811475 0.11
2003M05 929485.14 1.95276435 -0.0199999999999998
2003M06 923202.59 1.97741395 0.15
2003M07 928104.1 2.14372668 0.159999999999999
2003M08 915943.08 2.08003940999999 0.149999999999999
2003M09 906502.31 2.05635214 0.149999999999999
2003M10 893866.06 1.96683909666666 0.159999999999999
2003M11 888963.46 1.88732605333333 0.129999999999999
2003M12 888898.01 1.81781301 0.109999999999999
2004M01 881728.03 1.86372044666666 0.11
2004M02 879159.66 1.91962788333333 0.1
2004M03 874007.16 1.99553532 0.169999999999999
2004M04 870298.34 1.97172738 0.29
2004M05 869656.52 1.94791944 0.45
2004M06 876663.44 1.8941115 0.3
2004M07 886445.99 1.80583387333333 0.29
2004M08 890432.27 1.77755624666666 0.38
2004M09 894486.62 1.73927862 0.349999999999999
2004M10 897227.17 1.87515178 0.44
2004M11 905776.15 1.99102494 0.359999999999999
2004M12 912600.62 2.0468981 0.37
2005M01 927655.27 2.00675243333333 0.359999999999999
2005M02 937571.51 1.86660676666666 0.39
2005M03 951692.99 1.8164611 0.299999999999999
2005M04 966062.73 1.82786552 0.29
2005M05 976700.44 1.78926994 0.339999999999999
2005M06 984137.57 1.92067436 0.36
2005M07 999877.83 1.75962921666666 0.33
2005M08 1005087.18 1.57858407333333 0.33
2005M09 1009928.02 1.51753893 0.429999999999999
2005M10 1023583.42 1.58414879 0.339999999999999
2005M11 1030873.64 1.59075865 0.28
2005M12 1042582.16 1.65736850999999 0.29
2006M01 1055002.29 1.70050487666666 0.29
2006M02 1064754.46 1.67364124333333 0.309999999999999
2006M03 1075718.62 1.74677761 0.280000000000001
2006M04 1095027.69 1.55086866666666 0.23
2006M05 1112759.39 1.40495972333333 0.36
2006M06 1130091.65 1.35905078 0.16
2006M07 1141706.39 1.29414113333333 0
2006M08 1164032 1.46923148666666 0.0300000000000002
2006M09 1161961.2 1.65432184 0.0700000000000002
2006M10 1172220.01 1.63766902333333 0.0899999999999998
2006M11 1179098.37 1.62101620666666 0.0800000000000009
2006M12 1190185.42 1.61436338999999 0.0900000000000016
2007M01 1199603.25 1.53676548666666 0.0800000000000009
2007M02 1212356.58 1.45916758333333 0.0800000000000009
2007M03 1223810.61 1.39156968 0.0799999999999991
2007M04 1239522.85 1.52622978666666 0.0800000000000009
2007M05 1256620.29 1.65088989333333 0.0800000000000009
2007M06 1277374.55 1.77555 0.0800000000000009
2007M07 1293110.24 1.70305686 0.0900000000000016
2007M08 1320881.65 1.88056372 0.47
2007M09 1362042.74 1.89807058 0.759999999999999
2007M10 1388269.85 2.00871372 0.600000000000001
2007M11 1405135.18 2.20935686 0.66
2007M12 1429110.29 2.39 0.870000000000001
2008M01 1451396.64 2.10773615333333 0.52
2008M02 1459198.7 2.48547230666666 0.52
2008M03 1476243.65 2.27320846 0.71
2008M04 1471751.49 2.36405409 0.809999999999999
2008M05 1474161.97 2.42489972 0.71
2008M06 1483810.21 2.16574535 0.69
2008M07 1490607.44 2.19512952333333 0.73
2008M08 1495342.08 2.24451369666666 0.759999999999999
2008M09 1509615.65 2.47389786999999 1.24
2008M10 1560938.8 3.20604241666666 2.98
2008M11 1553790.91 3.67818696333333 1.81999999999999
2008M12 1543115.18 3.80033151 1.54
2009M01 1532733.78 3.46616626333333 1.02
2009M02 1521593.78 3.05200101666666 0.98
2009M03 1503754.88 2.74783577 1.03
2009M04 1489807.19 2.76064343333333 0.91
2009M05 1466903.1 2.71345109666666 0.61
2009M06 1439635.33 2.66625876 0.39
2009M07 1415186.93 2.80017667 0.32
2009M08 1385564.21 2.88409458 0.23
2009M09 1356595.37 2.97801249 0.12
2009M10 1326529.64 2.97387896333333 0.12
2009M11 1307542.64 2.93974543666666 0.13
2009M12 1283219.74 2.90561191 0.09
2010M01 1258934.93 2.93777855333333 0.1
2010M02 1242647.81 2.93994519666666 0.09
2010M03 1230458.48 2.93211184 0.08
2010M04 1229447.33 2.95464229 0.09
2010M05 1218654.75 3.01717274 0.23
2010M06 1213486.15 3.09970319 0.33
2010M07 1209073.27 3.08455807 0.32
2010M08 1209294.28 3.05941295 0.18
2010M09 1204560.49 3.04426783 0.0999999999999999
2010M10 1204377.59 3.07428212666666 0.12
2010M11 1205718.4 3.10429642333333 0.11
2010M12 1214269.87 3.14431072 0.12
2011M01 1219018.74 3.01257046333333 0.13
2011M02 1221687.77 2.88083020666666 0.16
2011M03 1234014.35 2.75908995 0.17
2011M04 1245974.78 2.90146370666666 0.16
2011M05 1257897.04 3.01383746333333 0.16
2011M06 1261258.31 3.11621122 0.14

Figure 2: Outstanding NFC Loans in the Euro Area

obs NFC Loans Loan rate-minimum bid rate Euribor-OIS
Austria: 1 - 04M02 107151.6615   0.0593
Austria:1 - 04M03 107655.5011 2.167208846 0.056869565
Austria:1 - 04M04 107529.9727 2.096210224 0.048725
Austria:1 - 04M05 108532.7415 2.082773672 0.043928571
Austria:1 - 04M06 95536.89179 1.973362155 0.051045455
Austria:1 - 04M07 94881.78658 1.971914776 0.048431818
Austria:1 - 04M08 95473.22863 1.955786634 0.053681818
Austria:1 - 04M09 95624.23808 1.915579416 0.0465
Austria:1 - 04M10 97402.7815 1.898286144 0.056895714
Austria:1 - 04M11 98506.61137 1.887224474 0.063121364
Austria:1 - 04M12 96771.41662 1.815088945 0.070347826
Austria:1 - 05M01 96843.56058 1.829650139 0.058334762
Austria:1 - 05M02 97464.9176199999 1.833959867 0.05655
Austria:1 - 05M03 98376.03233 1.829772581 0.056595238
Austria:1 - 05M04 97536.33069 1.814755943 0.05502381
Austria:1 - 05M05 98651.62404 1.810096536 0.05225
Austria:1 - 05M06 103116.0973 1.803347807 0.044909091
Austria:1 - 05M07 103269.1862 1.719675351 0.045452381
Austria:1 - 05M08 103854.4207 1.700537741 0.049152174
Austria:1 - 05M09 105583.4273 1.670129617 0.045522727
Austria:1 - 05M10 104540.7699 1.596806645 0.05602381
Austria:1 - 05M11 105022.5161 1.601302213 0.059090909
Austria:1 - 05M12 104884.974 1.421114857 0.072309524
Austria:1 - 06M01 105500.8466 1.524413834 0.051875
Austria:1 - 06M02 106485.278 1.50821716299999 0.0540249999999999
Austria:1 - 06M03 107960.8543 1.319581011 0.056717391
Austria:1 - 06M04 108840.9733 1.404075468 0.061572222
Austria:1 - 06M05 109357.2822 1.408443078 0.067318182
Austria:1 - 06M06 109891.2812 1.27144921 0.064068182
Austria:1 - 06M07 111038.7617 1.368042315 0.058119048
Austria:1 - 06M08 112128.507 1.194234257 0.058434783
Austria:1 - 06M09 112908.6355 1.159324362 0.0575
Austria:1 - 06M10 113215.4814 1.090422355 0.061272727
Austria:1 - 06M11 113983.3438 1.066809885 0.063022727
Austria:1 - 06M12 114510.0588 0.911367713000001 0.062773684
Austria:1 - 07M01 115610.3108 1.016263963 0.059136364
Austria:1 - 07M02 116180.8686 1.048540612 0.05725
Austria:1 - 07M03 113962.4084 0.889460348 0.048863636
Austria:1 - 07M04 115438.4698 0.910207064999999 0.047368421
Austria:1 - 07M05 116965.4037 0.930882655999999 0.0510681819999999
Austria:1 - 07M06 118381.4078 0.818508595999999 0.052571429
Austria:1 - 07M07 119582.2008 0.880994716 0.053504545
Austria:1 - 07M08 120908.8765 0.882067979 0.37926087
Austria:1 - 07M09 121581.9373 0.879566892999998 0.647675
Austria:1 - 07M10 122953.6755 1.117437526 0.630545652
Austria:1 - 07M11 123935.6605 1.123832332 0.581570455
Austria:1 - 07M12 126638.5933 1.111233678 0.813368421
Austria:1 - 08M01 127118.7945 1.132844333 0.467590909
Austria:1 - 08M02 128630.6568 1.113371113 0.382142857
Austria:1 - 08M03 129415.2914 1.092913721 0.606552632
Austria:1 - 08M04 130997.6651 1.011355007 0.762636364
Austria:1 - 08M05 131718.4067 1.03917581699999 0.804142857
Austria:1 - 08M06 132951.3568 1.13396741999999 0.724428571
Austria:1 - 08M07 133224.188 1.146277203 0.639413043
Austria:1- 08M08 133756.3758 1.067939528 0.638619048
Austria:1 - 08M09 134506.1981 0.94792082 0.757636364
Austria:1 - 08M10 134995.8471 1.58647548 1.68326087
Austria:1 - 08M11 137826.1555 2.153714132 1.70165
Austria:1 - 08M12 140383.8466 2.644231173 1.353642857
Austria:1 - 09M01 140585.761 2.075727449 1.036166667
Austria:1 - 09M02 140793.1583 2.181146423 0.93705
Austria:1 - 09M03 141973.3867 2.41914679 0.89875
Austria:1 - 09M04 141987.1754 2.172440237 0.664825
Austria:1 - 09M05 141951.0766 2.297924579 0.550274999999999
Austria:1 - 09M06 141762.4889 2.312942282 0.485727273
Austria:1 - 09M07 141467.6503 2.017132456 0.500478261
Austria:1 - 09M08 141703.1597 1.988011653 0.443095238
Austria:1 - 09M09 141631.1716 1.976186195 0.379681818
Austria:1 - 09M10 141466.8388 1.82073062 0.289613636
Austria:1 - 09M11 142314.9654 1.813805838 0.275357143
Austria:1 - 09M12 140556.3592 1.821728102 0.311704545
Austria:1 - 10M01 140268.5382 1.736671322 0.311975
Austria:1 - 10M02 140286.9633 1.73497251 0.299325
Austria1: - 10M03 140495.465 1.726390118 0.2845
Austria:1 - 10M04 140768.1966 1.683862422 0.2457
Austria:1 - 10M05 141403.9594 1.675587609 0.282190476
Austria:1 - 10M06 141444.3626 1.67176275 0.304181818
Austria:1 - 10M07 142002.3511 1.700021569 0.297772727
Austria:1 - 10M08 142718.5301 1.726950518 0.371409091
Austria:1 - 10M09 143219.5159 1.719398894 0.352
Austria:1 - 10M10 144056.952 1.787341241 0.237333333
Austria:1 - 10M11 144758.9539 1.801642392 0.29225
Austria:1 - 10M12 144245.5173 1.799782919 0.380608696
Austria:1 - 11M01 144488.6413 1.868468597 0.311404762
Austria:1 - 11M02 145089.7771 1.863018021 0.27065
Austria:1 - 11M03 145209.7766 1.862634811 0.238347826
Austria:1 - 11M04 145785.2141 1.834846476 0.211815789
Austria:1 - 11M05 146172.8568 1.756260639 0.256227273
Austria:1 - 11M06 146267.3349 1.794752996 0.219795455
Austria:1 - 11M07     0.283095238
Austria:1 - 11M08     0.564681818
Belgium:2 - 04M02 82509.31187   0.0593
Belgium:2 - 04M03 82386.32309 2.61143664499999 0.056869565
Belgium:2 - 04M04 82830.33232 2.520915982 0.048725
Belgium:2 - 04M05 81357.11723 2.56535987 0.043928571
Belgium:2 - 04M06 82154.0261 2.64332087 0.051045455
Belgium:2 - 04M07 82981.1236 2.538279516 0.048431818
Belgium:2 - 04M08 83666.58185 2.50033054 0.053681818
Belgium:2 - 04M09 82921.1657 2.544734537 0.0465
Belgium:2 - 04M10 83246.69709 2.46780794199999 0.056895714
Belgium:2 - 04M11 82656.34363 2.462144276 0.063121364
Belgium:2 - 04M12 82684.25615 2.454744452 0.070347826
Belgium:2 - 05M01 81931.35835 2.569630215 0.058334762
Belgium:2 - 05M02 80211.73776 2.47592754699999 0.05655
Belgium:2 - 05M03 80225.16889 2.483512263 0.056595238
Belgium:2 - 05M04 80444.31898 2.383300069 0.05502381
Belgium:2 - 05M05 80296.57105 2.234173667 0.05225
Belgium:2 - 05M06 80452.00186 2.188230689 0.044909091
Belgium:2 - 05M07 80461.78249 2.179772504 0.045452381
Belgium:2 - 05M08 80908.45981 2.178014682 0.049152174
Belgium:2 - 05M09 81283.05394 2.15721404 0.045522727
Belgium:2 - 05M10 82067.71032 2.08313667899999 0.05602381
Belgium:2 - 05M11 83104.31788 2.10359155399999 0.059090909
Belgium:2 - 05M12 85229.49403 1.898771069 0.072309524
Belgium:2 - 06M01 83634.35334 1.925541241 0.051875
Belgium:2 - 06M02 85010.55054 1.939102106 0.0540249999999999
Belgium:2 - 06M03 85545.00212 1.707802226 0.056717391
Belgium:2 - 06M04 84573.87661 1.731674182 0.061572222
Belgium:2 - 06M05 85212.08449 1.73458637599999 0.067318182
Belgium:2 - 06M06 86664.1902 1.58731957299999 0.064068182
Belgium:2 - 06M07 87258.24649 1.691131461 0.058119048
Belgium:2 - 06M08 87160.44261 1.528475312 0.058434783
Belgium:2 - 06M09 89120.45014 1.480216051 0.0575
Belgium:2 - 06M10 89524.11844 1.326480197 0.061272727
Belgium:2 - 06M11 89812.54425 1.392034784 0.063022727
Belgium:2 - 06M12 91529.90903 1.298429725 0.062773684
Belgium:2 - 07M01 94071.3776 1.256865422 0.059136364
Belgium:2 - 07M02 95704.99431 1.300747225 0.05725
Belgium:2 - 07M03 97009.05015 1.222925407 0.048863636
Belgium:2 - 07M04 97207.5398 1.176657331 0.047368421
Belgium:2 - 07M05 98238.70023 1.077950317 0.0510681819999999
Belgium:2 - 07M06 96130.85496 0.991392837 0.052571429
Belgium:2 - 07M07 98582.0132199999 1.000952972 0.053504545
Belgium:2 - 07M08 100112.1115 1.032191908 0.37926087
Belgium:2 - 07M09 100683.8412 0.993649920999999 0.647675
Belgium:2 - 07M10 99952.75236 1.08702367999999 0.630545652
Belgium:2 - 07M11 101883.6856 1.047427897 0.581570455
Belgium:2 - 07M12 103884.8401 1.110865254 0.813368421
Belgium:2 - 08M01 107938.7595 1.168216602 0.467590909
Belgium:2 - 08M02 106861.4483 1.064646903 0.382142857
Belgium:2 - 08M03 107906.6638 1.063096235 0.606552632
Belgium:2 - 08M04 110271.2245 1.106883086 0.762636364
Belgium:2 - 08M05 110412.7031 1.025463195 0.804142857
Belgium:2 - 08M06 110925.7487 1.22158689699999 0.724428571
Belgium:2 - 08M07 112506.6456 1.152920259 0.639413043
Belgium:2 - 08M08 112166.9922 1.012320109 0.638619048
Belgium:2 - 08M09 113022.2911 0.942873044 0.757636364
Belgium:2 - 08M10 113887.2169 1.51885468 1.68326087
Belgium:2 - 08M11 115980.1169 2.014191523 1.70165
Belgium:2 - 08M12 115165.3564 2.302283291 1.353642857
Belgium:2 - 09M01 114672.075 2.313787717 1.036166667
Belgium:2 - 09M02 114320.199 2.410436737 0.93705
Belgium:2 - 09M03 113088.1734 2.585086004 0.89875
Belgium:2 - 09M04 114320.9948 2.705517028 0.664825
Belgium:2 - 09M05 114331.7376 2.835743399 0.550274999999999
Belgium:2 - 09M06 115146.6492 2.833827646 0.485727273
Belgium:2 - 09M07 114818.8487 2.704787089 0.500478261
Belgium:2 - 09M08 115093.1428 2.624888605 0.443095238
Belgium:2 - 09M09 111987.4531 2.677286236 0.379681818
Belgium:2 - 09M10 110577.2403 2.644630179 0.289613636
Belgium:2 - 09M11 110075.9636 2.6306842 0.275357143
Belgium:2 - 09M12 104977.9422 2.522775469 0.311704545
Belgium:2 - 10M01 105554.2231 2.559235918 0.311975
Belgium:2 - 10M02 105622.9741 2.487898507 0.299325
Belgium:2 - 10M03 105524.5288 2.505705092 0.2845
Belgium:2 - 10M04 104382.1553 2.47669786 0.2457
Belgium:2 - 10M05 105165.061 2.382031733 0.282190476
Belgium:2 - 10M06 105741.9851 2.434693168 0.304181818
Belgium:2 - 10M07 99994.2963 2.423578281 0.297772727
Belgium:2 - 10M08 102049.0509 2.391682015 0.371409091
Belgium:2 - 10M09 103582.2895 2.453108577 0.352
Belgium:2 - 10M10 104651.1833 2.503691799 0.237333333
Belgium:2 - 10M11 103507.8782 2.465109326 0.29225
Belgium:2 - 10M12 104949.8135 2.535354784 0.380608696
Belgium:2 - 11M01 105500.1905 2.531217257 0.311404762
Belgium:2 - 11M02 104508.4447 2.4764944 0.27065
Belgium:2 - 11M03 105253.2483 2.510064513 0.238347826
Belgium:2 - 11M04 104952.0247 2.497806625 0.211815789
Belgium:2 - 11M05 104712.0479 2.345032693 0.256227273
Belgium:2 - 11M06 105674.9583 2.410262957 0.219795455
Belgium:2 - 11M07     0.283095238
Belgium:2 - 11M08     0.564681818
Germany: 4 - 04M02 758312.4614   0.0593
Germany:4 - 04M03 759251.635 3.028682054 0.056869565
Germany:4 - 04M04 756362.6274 3.013752496 0.048725
Germany:4 - 04M05 755368.6038 3.00350891 0.043928571
Germany:4 - 04M06 754101.9388 3.00303365699999 0.051045455
Germany:4 - 04M07 747979.5035 2.968436347 0.048431818
Germany:4 - 04M08 749002.8154 2.938447778 0.053681818
Germany:4 - 04M09 744504.9656 2.987957079 0.0465
Germany:4 - 04M10 744635.4859 2.949552441 0.056895714
Germany:4 - 04M11 747124.842 2.894791361 0.063121364
Germany:4 - 04M12 741077.1322 2.847872096 0.070347826
Germany:4 - 05M01 732256.6966 2.845238932 0.058334762
Germany:4 - 05M02 734433.965 2.84989159599999 0.05655
Germany:4 - 05M03 730864.7999 2.835034884 0.056595238
Germany:4 - 05M04 728462.7854 2.79938172499999 0.05502381
Germany:4 - 05M05 726657.9748 2.796953266 0.05225
Germany:4 - 05M06 724599.9168 2.781801205 0.044909091
Germany:4 - 05M07 726398.456 2.73628439 0.045452381
Germany:4 - 05M08 723172.2701 2.72077451 0.049152174
Germany:4 - 05M09 725677.1638 2.70215547899999 0.045522727
Germany:4 - 05M10 727637.3326 2.674792513 0.05602381
Germany:4 - 05M11 723575.1549 2.652468221 0.059090909
Germany:4 - 05M12 723853.2049 2.401041388 0.072309524
Germany:4 - 06M01 729680.2071 2.424787082 0.051875
Germany:4 - 06M02 729848.7229 2.436814753 0.0540249999999999
Germany:4 - 06M03 732006.2211 2.224144672 0.056717391
Germany:4 - 06M04 737576.8716 2.211850467 0.061572222
Germany:4 - 06M05 735362.008 2.211896116 0.067318182
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Netherlands:13 - 11M05 340121.7631 2.422348865 0.256227273
Netherlands:13 - 11M06 341560.3973 2.513368411 0.219795455
Netherlands:13 - 11M07     0.283095238
Netherlands:13 - 11M08     0.564681818
Portugal: 14 - 04M02 81701.97794   0.0593
Portugal:14 - 04M03 82255.50059 2.45845625 0.056869565
Portugal:14 - 04M04 82104.25447 2.39138625299999 0.048725
Portugal:14 - 04M05 82230.15064 2.367586615 0.043928571
Portugal:14 - 04M06 82576.65232 2.360786008 0.051045455
Portugal:14 - 04M07 82395.52715 2.29377263599999 0.048431818
Portugal:14 - 04M08 82265.37415 2.265026148 0.053681818
Portugal:14 - 04M09 82059.51874 2.290805171 0.0465
Portugal:14 - 04M10 82488.3905 2.301421684 0.056895714
Portugal:14 - 04M11 82947.7770599999 2.291334606 0.063121364
Portugal:14 - 04M12 83188.17371 2.223825455 0.070347826
Portugal:14 - 05M01 83209.07068 2.253622843 0.058334762
Portugal:14 - 05M02 83703.80636 2.247135266 0.05655
Portugal:14 - 05M03 82851.97966 2.259753819 0.056595238
Portugal:14 - 05M04 83840.78192 2.261359902 0.05502381
Portugal:14 - 05M05 83506.58315 2.247111032 0.05225
Portugal:14 - 05M06 84286.57451 2.21850681 0.044909091
Portugal:14 - 05M07 84960.18961 2.240508707 0.045452381
Portugal:14 - 05M08 85436.56741 2.203263092 0.049152174
Portugal:14 - 05M09 85721.3227 2.166153093 0.045522727
Portugal:14 - 05M10 86280.84711 2.204875758 0.05602381
Portugal:14 - 05M11 87430.73606 2.25290733 0.059090909
Portugal:14 - 05M12 87018.97701 2.113551507 0.072309524
Portugal:14 - 06M01 87770.5668 2.197987931 0.051875
Portugal:14 - 06M02 88257.41684 2.226224017 0.0540249999999999
Portugal:14 - 06M03 88834.34024 2.080722192 0.056717391
Portugal:14 - 06M04 89427.85616 2.151395929 0.061572222
Portugal:14 - 06M05 90336.37714 2.221145807 0.067318182
Portugal:14 - 06M06 90663.31626 2.112726106 0.064068182
Portugal:14 - 06M07 91193.1393 2.145892273 0.058119048
Portugal:14 - 06M08 92182.2633 2.003678645 0.058434783
Portugal:14 - 06M09 92885.13529 2.05276464 0.0575
Portugal:14 - 06M10 93134.80779 1.954078226 0.061272727
Portugal:14 - 06M11 93069.77599 1.956637398 0.063022727
Portugal:14 - 06M12 93734.85043 1.858694123 0.062773684
Portugal:14 - 07M01 93768.76794 1.89100911 0.059136364
Portugal:14 - 07M02 94383.50985 1.937436319 0.05725
Portugal:14 - 07M03 95419.37562 1.81125945999999 0.048863636
Portugal:14 - 07M04 96419.00297 1.814155053 0.047368421
Portugal:14 - 07M05 97580.17431 1.84981190699999 0.0510681819999999
Portugal:14 - 07M06 98806.86642 1.710636914 0.052571429
Portugal:14 - 07M07 99837.30571 1.721986719 0.053504545
Portugal:14 - 07M08 100491.4249 1.736251958 0.37926087
Portugal:14 - 07M09 101783.7895 1.768481214 0.647675
Portugal:14 - 07M10 102851.4716 1.93584715099999 0.630545652
Portugal:14 - 07M11 103939.8794 1.93214695599999 0.581570455
Portugal:14 - 07M12 105022.1591 1.90424730099999 0.813368421
Portugal:14 - 08M01 106360.7839 2.064030723 0.467590909
Portugal:14 - 08M02 107439.6804 1.94274863 0.382142857
Portugal:14 - 08M03 108769.932 1.949954891 0.606552632
Portugal:14 - 08M04 110241.4716 1.899331109 0.762636364
Portugal:14 - 08M05 110412.4267 1.931988572 0.804142857
Portugal:14 - 08M06 111650.0809 2.060029466 0.724428571
Portugal:14 - 08M07 112643.1925 2.01858113 0.639413043
Portugal:14 - 08M08 113329.5647 2.022941717 0.638619048
Portugal:14 - 08M09 114014.6638 1.85088534799999 0.757636364
Portugal:14 - 08M10 114842.0581 2.503359311 1.68326087
Portugal:14 - 08M11 115366.8223 3.123742762 1.70165
Portugal:14 - 08M12 119543.8207 3.486186292 1.353642857
Portugal:14 - 09M01 119563.6797 3.463450946 1.036166667
Portugal:14 - 09M02 119950.0554 3.328491264 0.93705
Portugal:14 - 09M03 120077.3547 3.250598701 0.89875
Portugal:14 - 09M04 120970.9666 3.24812687499999 0.664825
Portugal:14 - 09M05 121627.0262 3.208064619 0.550274999999999
Portugal:14 - 09M06 120671.8596 3.015737211 0.485727273
Portugal:14 - 09M07 120802.6444 2.818193553 0.500478261
Portugal:14 - 09M08 121246.6191 2.696116229 0.443095238
Portugal:14 - 09M09 121535.6825 2.550642099 0.379681818
Portugal:14 - 09M10 121540.8964 2.507585434 0.289613636
Portugal:14 - 09M11 121937.0747 2.432793118 0.275357143
Portugal:14 - 09M12 121669.3564 2.343585962 0.311704545
Portugal:14 - 10M01 121455.9951 2.322636522 0.311975
Portugal:14 - 10M02 121639.4562 2.313449893 0.299325
Portugal:14 - 10M03 121329.8988 2.321820172 0.2845
Portugal:14 - 10M04 120434.5049 2.330690513 0.2457
Portugal:14 - 10M05 120820.4193 2.371179957 0.282190476
Portugal:14 - 10M06 121477.6998 2.312495212 0.304181818
Portugal:14 - 10M07 121185.8989 2.366494254 0.297772727
Portugal:14 - 10M08 121451.739 2.433807735 0.371409091
Portugal:14 - 10M09 121712.2679 2.485606965 0.352
Portugal:14 - 10M10 122095.9554 2.544866579 0.237333333
Portugal:14 - 10M11 122360.3156 2.645010122 0.29225
Portugal:14 - 10M12 118020.6191 2.738830498 0.380608696
Portugal:14 - 11M01 117962.5506 2.848606608 0.311404762
Portugal:14 - 11M02 117720.8184 2.952084078 0.27065
Portugal:14 - 11M03 118202.4804 3.079238631 0.238347826
Portugal:14 - 11M04 120502.3283 3.001252821 0.211815789
Portugal:14 - 11M05 120490.4736 3.05512836299999 0.256227273
Portugal:14 - 11M06 120121.9774 3.236481824 0.219795455
Portugal:14 - 11M07     0.283095238
Portugal:14 - 11M08     0.564681818

Figure 3: Bank Loans and Available Credit

obs upper panel: CI_LOANS upper panel: LENDING_CAPACITY lower panel: NFC_LOANS lower panel: CREDIT_LINE_INDEX
2005Q1 938973.256666666 6893.795 273601.3014 100
2005Q2 975633.58 7090.584 278224.4319 104.38
2005Q3 1004964.34333333 7311.242 284140.8213 108.76
2005Q4 1032346.40666666 7465.565 290119.4998 113.13
2006Q1 1065158.45666666 7625 298815.764 117.51
2006Q2 1112626.24333333 7922.802 308812.1275 118.13
2006Q3 1155899.86333333 8065.365 317660.2984 125.03
2006Q4 1180501.26666666 8415.316 327448.6679 129.78
2007Q1 1211923.48 8539.617 336344.4546 129.86
2007Q2 1257839.23 8755.556 346542.5126 134.73
2007Q3 1325344.87666666 9009.174 359318.1045 137.11
2007Q4 1407505.10666666 9101.774 371631.4455 134.78
2008Q1 1462279.66333333 9028.038 383892.7071 131.82
2008Q2 1476574.55666666 8909.147 394093.5397 132.81
2008Q3 1498521.72333333 8940.48799999999 401533.0588 134.18
2008Q4 1552614.96333333 8369.078 406982.857 128.44
2009Q1 1519360.81333333 7868.281 407709.7229 124.2
2009Q2 1465448.54 7717.99 405684.7726 122.53
2009Q3 1385782.17 7485.514 401940.1734 123.8
2009Q4 1305764.00666666 7405.802 398398.4602 125.12
2010Q1 1244013.74 7501.31 394799.6271 119.83
2010Q2 1220529.41 7408.058 393900.0223 122.35
2010Q3 1207642.68 7447.76 394342.9565 122.8
2010Q4 1208121.95333333 7110.264 394642.865 124.51
2011Q1 1224906.95333333 7161.53 396015.8914 121.34
2011Q2 1255043.37666666 7099.573 398076.375 119.65

Figure 4: CD and Commercial Paper Rates in the US

obs upper panel: CD rate (6 month) upper panel: FFR upper panel: C&I loan rate lower panel: Non financial CP (3 month) lower panel: FFR
2004M02 1.11 1.01 2.92962788333333 1.01 1.01
2004M03 1.09 1 2.99553532 1 1
2004M04 1.21 1 2.97172738 1.05 1
2004M05 1.46 1 2.94791944 1.07 1
2004M06 1.76 1.03 2.9241115 1.34 1.03
2004M07 1.85 1.26 3.06583387333333 1.5 1.26
2004M08 1.89 1.43 3.20755624666666 1.62 1.43
2004M09 2.04 1.61 3.34927862 1.75 1.61
2004M10 2.18 1.76 3.63515178 1.95 1.76
2004M11 2.46 1.93 3.92102493999999 2.18 1.93
2004M12 2.66 2.16 4.2068981 2.34 2.16
2005M01 2.85 2.28 4.28675243333333 2.53 2.28
2005M02 3 2.5 4.36660676666666   2.5
2005M03 3.23 2.63 4.44646109999999 2.82 2.63
2005M04 3.34 2.79 4.61786551999999 2.97 2.79
2005M05 3.44 3 4.78926993999999 3.09 3
2005M06 3.56 3.04 4.96067435999999 3.27 3.04
2005M07 3.8 3.26 5.01962921666666 3.47 3.26
2005M08 3.99 3.5 5.07858407333333 3.64 3.5
2005M09 4.01 3.62 5.13753893 3.72 3.62
2005M10 4.32 3.78 5.36414879 4.01 3.78
2005M11 4.51999999999999 4 5.59075865 4.23 4
2005M12 4.62 4.16 5.81736851   4.16
2006M01 4.69 4.29 5.99050487666666   4.29
2006M02 4.88 4.49 6.16364124333333 4.55 4.49
2006M03 5.01 4.59 6.33677761 4.76 4.59
2006M04 5.17 4.79 6.34086866666666 4.87 4.79
2006M05 5.25 4.94 6.34495972333333 5.01 4.94
2006M06 5.46 4.99 6.34905078 5.29 4.99
2006M07 5.54 5.24 6.53414113333333   5.24
2006M08 5.44 5.25 6.71923148666666 5.21 5.25
2006M09 5.37 5.25 6.90432184 5.21 5.25
2006M10 5.34999999999999 5.25 6.88766902333333 5.19 5.25
2006M11 5.33 5.25 6.87101620666666 5.17 5.25
2006M12 5.30999999999999 5.24 6.85436339 5.19 5.24
2007M01 5.34 5.25 6.78676548666666 5.17 5.25
2007M02 5.34 5.26 6.71916758333333 5.18 5.26
2007M03 5.28 5.26 6.65156968 5.2 5.26
2007M04 5.30999999999999 5.25 6.77622978666666 5.2 5.25
2007M05 5.32 5.25 6.90088989333333 5.19 5.25
2007M06 5.36 5.25 7.02555 5.23 5.25
2007M07 5.34 5.26 6.96305686 5.22 5.26
2007M08 5.4 5.01999999999999 6.90056372 5.25 5.01999999999999
2007M09 5.33 4.94 6.83807058 4.92 4.94
2007M10 5 4.76 6.76871372 4.63 4.76
2007M11 4.84999999999999 4.49 6.69935686 4.42 4.49
2007M12 4.84999999999999 4.24 6.63 4.23 4.24
2008M01 3.71 3.94 6.04773615333333 3.25 3.94
2008M02 2.99 2.98 5.46547230666666 2.72 2.98
2008M03 2.7 2.61 4.88320845999999 2.35 2.61
2008M04 2.86 2.28 4.64405409 1.99 2.28
2008M05 2.84 1.98 4.40489971999999 2 1.98
2008M06 3.09 2 4.16574535 2.21 2
2008M07 3.13 2.01 4.20512952333333 2.18 2.01
2008M08 3.11 2 4.24451369666666 2.08 2
2008M09 3.82 1.81 4.28389786999999 2.13 1.81
2008M10 4.37 0.97 4.17604241666666 2.06999999999999 0.97
2008M11 2.83 0.39 4.06818696333333 1.45 0.39
2008M12 2.18 0.16 3.96033151 0.97 0.16
2009M01 1.53 0.15 3.61616626333333 0.31 0.15
2009M02 1.75 0.22 3.27200101666666 0.48 0.22
2009M03 1.76 0.18 2.92783577 0.37 0.18
2009M04 1.54 0.15 2.91064343333333 0.28 0.15
2009M05 1.04 0.18 2.89345109666666 0.23 0.18
2009M06 0.67 0.21 2.87625876 0.26 0.21
2009M07 0.5 0.16 2.96017667 0.28 0.16
2009M08 0.44 0.16 3.04409458 0.24 0.16
2009M09 0.36 0.15 3.12801249 0.19 0.15
2009M10 0.31 0.12 3.09387896333333 0.19 0.12
2009M11 0.3 0.12 3.05974543666666 0.15 0.12
2009M12 0.3 0.12 3.02561191 0.16 0.12
2010M01 0.29 0.11 3.04777855333333 0.13 0.11
2010M02 0.3 0.13 3.06994519666666 0.15 0.13
2010M03 0.34 0.16 3.09211184 0.2 0.16
2010M04 0.42 0.2 3.15464229 0.23 0.2
2010M05 0.64 0.2 3.21717274 0.28 0.2
2010M06 0.75 0.18 3.27970319 0.32 0.18
2010M07 0.62 0.18 3.26455807 0.27 0.18
2010M08 0.44 0.19 3.24941295 0.25 0.19
2010M09 0.38 0.19 3.23426783 0.24 0.19
2010M10 0.35 0.19 3.26428212666666 0.23 0.19
2010M11 0.35 0.19 3.29429642333333 0.23 0.19
2010M12 0.41 0.18 3.32431072 0.23 0.18
2011M01 0.38 0.17 3.18257046333333 0.24 0.17
2011M02 0.38 0.16 3.04083020666666 0.23 0.16
2011M03 0.37 0.14 2.89908995 0.23 0.14
2011M04 0.32 0.1 3.00146370666666 0.2 0.1
2011M05 0.3 0.09 3.10383746333333 0.16 0.09
2011M06 0.32 0.09 3.20621122 0.15 0.09

Figure 5: Deposit and Commercial Paper Rates in the Euro Area

obs upper panel: Composite deposit rate upper panel: Mean bid rate upper panel: NFC loan rate (Germany) lower panel: CP (Euro area) lower panel: Mean bid rate
4 - 04M02 1.694645607   5.063202879 2.04999999999999  
4 - 04M03 1.681856822 2.008839 5.037521054 2.01 2.00454
4 - 04M04 1.679178597 2.009397 5.023149496 2.03 2.00671199999999
4 - 04M05 1.669308655 2.009661 5.01316991 2.06 2.005408
4 - 04M06 1.665663896 2.010936 5.01396965699999 2.09 2.00829099999999
4 - 04M07 1.664319927 2.013092 4.981528347 2.1 2.012109
4 - 04M08 1.674494367 2.018861 4.957308778 2.1 2.015985
4 - 04M09 1.66982838 2.02362699999999 5.011584079 2.1 2.021918
4 - 04M10 1.676688224 2.029302 4.978854441 2.13 2.026019
4 - 04M11 1.675340007 2.047947 4.942738361 2.15 2.0437
4 - 04M12 1.678666856 2.097444 4.945316096 2.16 2.09305
4 - 05M01 1.673889362 2.068696 4.913934932 2.13 2.066572
4 - 05M02 1.674962896 2.063559 4.91345059599999 2.12 2.060373
4 - 05M03 1.661696365 2.056146 4.891180884 2.12 2.053213
4 - 05M04 1.650060476 2.055801 4.855182725 2.12 2.05229399999999
4 - 05M05 1.658652723 2.055774 4.85272726599999 2.11 2.052331
4 - 05M06 1.649912577 2.05643999999999 4.838241205 2.1 2.054567
4 - 05M07 1.62830141 2.056102 4.79238639 2.11 2.054888
4 - 05M08 1.606774476 2.056688 4.77746251 2.11 2.05475299999999
4 - 05M09 1.606992838 2.061373 4.76352847899999 2.12 2.058931
4 - 05M10 1.606235427 2.069836 4.744628513 2.18 2.065528
4 - 05M11 1.618302416 2.077295 4.729763221 2.35 2.075625
4 - 05M12 1.631474366 2.338773 4.739814388 2.46 2.326048
4 - 06M01 1.654770039 2.311597 4.736384082 2.5 2.309765
4 - 06M02 1.663934167 2.320446 4.757260753 2.59 2.318096
4 - 06M03 1.684520483 2.567719 4.791863672 2.71 2.56887199999999
4 - 06M04 1.706622858 2.584426 4.796276467 2.78 2.583822
4 - 06M05 1.721234011 2.59324 4.805136116 2.88 2.589624
4 - 06M06 1.750727557 2.7692 4.831351742 2.97 2.767361
4 - 06M07 1.788249019 2.81926 4.855988134 3.09 2.812943
4 - 06M08 1.877913431 3.002251 4.875740907 3.21 2.997188
4 - 06M09 1.906346633 3.041462 4.90356363799999 3.32 3.039962
4 - 06M10 1.981128342 3.253929 4.949295308 3.49 3.249189
4 - 06M11 1.990350948 3.314882 4.96856264599999 3.58 3.309241
4 - 06M12 2.037637002 3.536504 5.01926681099999 3.67 3.529062
4 - 07M01 2.095454716 3.566382 5.057445676 3.74 3.557832
4 - 07M02 2.128104275 3.560479 5.076067676 3.81 3.549869
4 - 07M03 2.16785409 3.752095 5.123322664 3.88 3.747781
4 - 07M04 2.205281042 3.826202 5.142133473 3.97 3.820519
4 - 07M05 2.225036212 3.825813 5.14413963999999 4.05999999999999 3.819001
4 - 07M06 2.255299358 4.002496 5.21000648999999 4.13999999999999 3.995734
4 - 07M07 2.313606064 4.061464 5.236248358 4.21 4.055504
4 - 07M08 2.389148875 4.08233499999999 5.26289457 4.54 4.073943
4 - 07M09 2.431723065 4.163188 5.334905685 4.75 4.146073
4 - 07M10 2.467912032 4.127578 5.353110126 4.69 4.10318999999999
4 - 07M11 2.48932058 4.150055 5.358506693 4.63999999999999 4.10974699999999
4 - 07M12 2.515143164 4.173104 5.429671593 4.84999999999999 4.166385
4 - 08M01 2.552769106 4.174639 5.392891828 4.48 4.128743
4 - 08M02 2.58972344 4.152321 5.364583662 4.34999999999999 4.129535
4 - 08M03 2.609976554 4.163348 5.394836317 4.59 4.162442
4 - 08M04 2.651351578 4.224888 5.409523335 4.76999999999999 4.212029
4 - 08M05 2.67123394 4.232932 5.42637301 4.86 4.206737
4 - 08M06 2.683376519 4.174149 5.470070522 4.94 4.150985
4 - 08M07 2.772997924 4.305499 5.511933868 4.95 4.28532699999999
4 - 08M08 2.82867715 4.388147 5.534363728 4.95 4.37961699999999
4 - 08M09 2.881882942 4.539547 5.591721148 5 4.54111499999999
4 - 08M10 2.907663715 4.019641 5.599859622 5.13999999999999 4.023288
4 - 08M11 2.805053297 3.375 5.457986829 4.29 3.375
4 - 08M12 2.624748715 2.65 5.184434911 3.37 2.65
4 - 09M01 2.418698313 2.25 4.842513531 2.49 2.25
4 - 09M02 2.194228013 2 4.675752963 1.96 2
4 - 09M03 2.02180132599999 1.6 4.503980891 1.65 1.6
4 - 09M04 1.861298077 1.25 4.292932361 1.43 1.25
4 - 09M05 1.734570985 1.0625 4.24590844599999 1.25 1.0625
4 - 09M06 1.656215397 1 4.169823598 1.23 1
4 - 09M07 1.561939792 1 4.059625002 1 1
4 - 09M08 1.464203237 1 4.020941791 0.86 1
4 - 09M09 1.412502289 1 3.982209026 0.73 1
4 - 09M10 1.340608412 1 3.93861231 0.64 1
4 - 09M11 1.308230826 1 3.940808828 0.63 1
4 - 09M12 1.26881243 1 3.894324803 0.63 1
4 - 10M01 1.208276078 1 3.864388956 0.62 1
4 - 10M02 1.194408397 1 3.852073405 0.62 1
4 - 10M03 1.184159098 1 3.830301042 0.61 1
4 - 10M04 1.165998129 1 3.816753495 0.61 1
4 - 10M05 1.153935966 1 3.807447429 0.53 1
4 - 10M06 1.168184025 1 3.769647922 0.58 1
4 - 10M07 1.17762409 1 3.787818228 0.76 1
4 - 10M08 1.20733819 1 3.797973819 0.86 1
4 - 10M09 1.240701564 1 3.814760336 0.87 1
4 - 10M10 1.242649692 1 3.819154186 0.91 1
4 - 10M11 1.247945007 1 3.815800215 0.96 1
4 - 10M12 1.248806353 1 3.817824933 0.98 1
4 - 11M01 1.270962178 1 3.827051196 0.94 1
4 - 11M02 1.300885654 1 3.83255896 0.97 1
4 - 11M03 1.317689504 1 3.850383192 1.09 1
4 - 11M04 1.357735126 1.15 3.889862368 1.17 1.15
4 - 11M05 1.389346156 1.25 3.901824606 1.32 1.25
4 - 11M06 1.412133314 1.25 3.964766174 1.38 1.25
4 - 11M07 1.431302394 1.35483871   1.49 1.35483871
4 - 11M08 1.459294734 1.5   1.46 1.5

Figure 6: Dynamic Correlations between Growth in Loans and Growth in Lagged IP

Period upper panel: Correlation lower panel Correlation
0 -0.0084 0.0494
1 0.268 0.2488
2 0.5399 0.3942
3 0.7402 0.4787
4 0.7225 0.4934
5 0.6588 0.4449
6 0.536 0.3626
7 0.3519 0.3125
8 0.1662 0.2621

Figure 7: Measures of Confidence in the US and Euro Area

obs Upper panel: Consumer confidence (USA) Lower panel: Business confidence (Euro Area)
2004M02 88.5 -6.199999809
2004M03 88.5 -5.800000191
2004M04 93 -3.599999905
2004M05 93.1 -3.299999952
2004M06 102.8 -2.599999905
2004M07 105.7 -2.200000048
2004M08 98.7 -2
2004M09 96.7 -1.100000024
2004M10 92.9 -0.699999988
2004M11 92.6 -1.799999952
2004M12 102.7 -2.099999905
2005M01 105.1 -3.099999905
2005M02 104.4 -5.199999809
2005M03 103 -6.699999809
2005M04 97.5 -8.10000038099999
2005M05 103.1 -9.10000038099999
2005M06 106.2 -8.199999809
2005M07 103.6 -7.099999905
2005M08 105.5 -6.599999905
2005M09 87.5 -5.5
2005M10 85.2 -3.900000095
2005M11 98.3 -4.80000019099999
2005M12 103.8 -3.599999905
2006M01 106.8 -2.599999905
2006M02 102.7 -0.899999976
2006M03 107.5 0.5
2006M04 109.8 2.5
2006M05 104.7 2.900000095
2006M06 105.4 4.099999905
2006M07 107 4.400000095
2006M08 100.2 3.799999952
2006M09 105.9 5.199999809
2006M10 105.1 5.800000191
2006M11 105.3 6.599999905
2006M12 110 6.599999905
2007M01 110.2 6.300000191
2007M02 111.2 6.699999809
2007M03 108.2 7.599999905
2007M04 106.3 7.800000191
2007M05 108.5 7.099999905
2007M06 105.3 7.5
2007M07 111.9 6.400000095
2007M08 105.6 5.800000191
2007M09 99.5 4.199999809
2007M10 95.2 2.900000095
2007M11 87.8 4
2007M12 90.6 3.099999905
2008M01 87.3 2.599999905
2008M02 76.4 1.200000048
2008M03 65.9 1.700000048
2008M04 62.8 -0.400000006
2008M05 58.1 -1.100000024
2008M06 51 -3.5
2008M07 51.9 -5.599999905
2008M08 58.5 -7.5
2008M09 61.4 -10.89999962
2008M10 38.8 -17.70000076
2008M11 44.7 -25.89999962
2008M12 38.6 -33.20000076
2009M01 37.4 -33.20000076
2009M02 25.3 -36.70000076
2009M03 26.9 -38.20000076
2009M04 40.8 -35.5
2009M05 54.8 -33.70000076
2009M06 49.3 -31.70000076
2009M07 47.4 -29.89999962
2009M08 54.5 -26
2009M09 53.4 -24.2999992399999
2009M10 48.7 -21
2009M11 50.6 -18.70000076
2009M12 53.6 -15.89999962
2010M01 56.5 -13.80000019
2010M02 46.4 -12.60000038
2010M03 52.3 -9.5
2010M04 57.7 -7.599999905
2010M05 62.7 -6.199999809
2010M06 54.3 -5.30000019099999
2010M07 51 -3.700000048
2010M08 53.2 -2.599999905
2010M09 48.6 -1.100000024
2010M10 49.9 0.800000012
2010M11 57.8 2
2010M12 63.4 5.30000019099999
2011M01 64.8 6.199999809
2011M02 72 6.699999809
2011M03 63.8 6.599999905
2011M04 66 5.599999905
2011M05 61.7 3.799999952
2011M06 57.6 3.5

Figure 8: Simulation Analysis

obs upper left panel: US_BASELINE upper right panel: EA_BASELINE lower left panel: US_SUPPLY_EFFECT lower right panel: EA_SUPPLY_EFFECT
1 -2.494015024 -1.178332661 0 0
2 0.612977299 0.3549462 2.261751922 0.433169818
3 0.541444433 0.416370581 1.594381848 0.139728842
4 0.491018609 0.436184421 1.123931166 0.045072737
5 0.45547182 0.442575829 0.792295314 0.014539243
6 0.430413743 0.444637524 0.558514509999999 0.004689966
7 0.412749496 0.445302571 0.393714884 0.001512856
8 0.400297399 0.445517097 0.277542315 0.000488006
9 0.391519515 0.445586297 0.195648526 0.000157418
10 0.385331701 0.445608619 0.137918953 5.08E-05
11 0.380969712 0.44561582 0.097223517 1.64E-05
12 0.377894805 0.445618142 0.068535991 5.28E-06
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