Direct lenders, non-bank credit intermediaries with low leverage, have become increas-ingly important players in … rates. Thus, our findings suggest that direct lenders dampen the financial accelerator channel of monetary policy …

is effective; fiscal policy crowds out investment via the risk-premium. A rule for making M0 respond to credit conditions …

, this provides further evidence for a financial accelerator in the euro area. Finally, the detrimental effect of credit … the period 2003Q1-2019Q4 with a special emphasis on credit conditions. With the help of this model, monetary policy … determining the relative weight of these states over time. We show that shocks to the credit spread and shocks to credit standards …

, this provides further evidence for a financial accelerator in the euro area. Finally, the detrimental effect of credit … the period 2003Q1–2019Q4 with a special emphasis on credit conditions. With the help of this model, monetary policy … determining the relative weight of these states over time. We show that shocks to the credit spread and shocks to credit standards …

the period 2003Q1-2019Q4 with a special emphasis on credit conditions. With the help of this model, monetary policy … determining the relative weight of these states over time. We show that shocks to the credit spread and shocks to credit standards … directly lead to a reduction of real GDP growth, whereas shocks to the quantity of credit are slightly less important in …

lending standards' significant role in explaining the dynamics of domestic credit conditions. Changes in lending attitudes … through this lens of UMPs, we see that expansionary monetary policy led to a lowering of domestic credit standards which …