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 …

Structural Vector Autoregressions (SVAR) by focusing on the effects of monetary policy, credit supply and housing demand shocks … policy shocks in the U.S. The evidence is less clear-cut for housing demand shocks. Finally, credit supply shocks seem to …