, the now infamous credit to GDP chart. We compare the conclusions reached in the literature after the crisis with the … results that could have been drawn from an ex ante analysis. We show that, even though credit affects the business cycle in …

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 …

This paper compares the behavior of Euro-Area (EA) banks’ credit and reserves with those of US banks following … substantially higher than previously believed, in the EA). The paper shows that, although the behavior of banks’ credit following … differences in the relative importance of banking credit within the total amount of credit intermediated through banks and bond …

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

currency crises is driven by the interplay between private firms' credit-constraints and nominal price rigidities. Despite our … analysis hinges on four main features: i) ex post deviations from purchasing power parity; ii) credit constraints a la Bernanke …