-wide uncertainty and in the process also contribute to the literature on portfolio rebalancing. Our general point is that money matters …

driven by the crisis. Our general point is that money matters in financial markets. Different financial assets have different …

Is there a link between loose monetary conditions, credit growth, house price booms, and financial instability? This … paper analyzes the role of interest rates and credit in driving house price booms and busts with data spanning 140 years of …

rates, output, asset prices and credit in the US. We find close linkages amongst cyclical fluctuations in the variables. …

account for 12% of GDP variance and real house prices for 9%). Shocks to the term spread or to leverage (credit-to-GDP ratio …

The 'credit channel' theory of monetary policy transmission holds that informational frictions in credit markets worsen … during tight- money periods. The resulting increase in the external finance premium--the difference in cost between internal … components to monetary policy shocks and describe how the credit channel helps explain the facts. We discuss two main components …

standard money channel, the significance of the credit variables is studied in a model that includes money (M2). In most cases …This paper empirically tests the importance of the credit channel in the transmission of monetary policy. Three credit … of short-term debt of small and large firms. In order to determine the marginal effect of the credit channel over the …

-run historical work has uncovered a range of important stylized facts concerning financial instability and the role of credit in …