We show that firms' credit market experience determines their perception of aggregate bank lending policy using panel data
from the Austrian Business Survey between 2011 and 2016. Loan rejections have a strongly negative and persistent effect on
perceptions. Interestingly, firms that receive a loan at worse than anticipated conditions show a similarly negative effect.
Firms that do not need a loan tend to perceive lending policy as neutral and revise their perceptions less often. Our findings
are in line with theories on sticky information, rational inattention and pessimism bias and suggest considering experience
for the aggregation of perceptions.
Forschungsbereich:Industrieökonomie, Innovation und internationaler Wettbewerb