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 …

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

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

model with banks and financial intermediation is constructed in which default-risk can be priced. It is shown how the credit …

develop a small open-economy credit-augmented model. Under two different exchange rate arrangements, namely a fixed rate …

due to the role of the credit channel. In countries where consumer access to credit is restricted, these restrictions can … credit market liberalization from a model for household debt in Japan. We also find evidence for a sizable negative effect on …

The crisis of the advanced economies in 2008-09 has focused new attention on money and credit fluctuations, financial … crises, and policy responses. We study the behavior of money, credit, and macroeconomic indicators over the long run based on … half of the twentieth century as shown by a decoupling of money and credit aggregates. We show for the first time how …

other credit effects. These models therefore capture important parts of the financial accelerator. The evidence is that … credit availability for UK and US but not Japanese households has undergone large shifts since 1980. The average consumption … in the transmission of monetary and credit shocks between Japan and the US, UK and other credit-liberalized economies. …