Gambacorta, Leonardo; Rossi, Carlotta - Banca d'Italia - 2007
area. The credit market is modelled over the period 1985-2005 by means of an Asymmetric Vector Error Correction Model …-integrating equations representing the long-run credit demand and supply and the possibility for loading and lagged-term coefficients to … credit, GDP, and prices of a monetary policy tightening is larger than the effect of a monetary policy easing. This result …