This is an early preprint manuscript. The final article has been published in final form at https://doi.org/10.1086/694289 [Gabriel Jiménez, Steven Ongena, José-Luis Peydró, and Jesús Saurina, "Macroprudential Policy, Countercyclical Bank Capital Buffers, and Credit Supply: Evidence from the Spanish Dynamic Provisioning Experiments," Journal of Political Economy 125, no. 6 (December 2017): 2126-2177] Macroprudential Policy, Countercyclical Bank Capital Buffers and Credit Supply: Evidence from the Spanish Dynamic Provisioning Experiments Gabriel Jiménez Banco de España PO Box 28014, Alcalá 48, Madrid, Spain Telephone: +34 91 3385710, Fax: +34 91 3386102 E-mail:
[email protected] Steven Ongena * CentER - Tilburg University and CEPR PO Box 90153, NL 5000 LE Tilburg, The Netherlands Telephone: +31 13 4662417, Fax: +31 13 4662875 E-mail:
[email protected] José-Luis Peydró Universitat Pompeu Fabra and Barcelona GSE Ramon Trias Fargas 25, 08005 Barcelona, Spain Telephone: +34 93 5421756, Fax: +34 93 5421746 Email:
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[email protected] Jesús Saurina Banco de España PO Box 28014, Alcalá 48, Madrid, Spain Telephone: +34 91 3385080, Fax: +34 91 3386102 E-mail:
[email protected] June 2012 * Corresponding author. We thank Ugo Albertazzi, Franklin Allen, Laurent Bach, Olivier Blanchard, Patrick Bolton, Elena Carletti, Hans Dewachter, Jordi Gali, Leonardo Gambacorta, John Geanakoplos, Refet Gürkaynak, Michel Habib, Philipp Hartmann, Thorsten Hens, Anil Kashyap, Noburo Kiyotaki, Luc Laeven, Nellie Liang, Frederic