Koopman, Siem Jan; Kräussl, Roman; Lucas, André; … - 2006
cycle to the business cycle, bank lending conditions, and
financial market variables. In line with earlier studies, these …. We
condition the credit cycle on a number of macro economic fundamentals, reflecting the state
of the business cycle … co-vary with the business cycle. This allows
us to address some of the concerns in the pro-cyclicality debate as well …