credit view literature. The model postulates complete quantity crowding out. It is subjected to empirical tests, which were …

of labor income uncertainty and credit constraints. Saving in the model is affected by the gap between target and actual … wealth, with the target determined by credit conditions and uncertainty. An estimated structural version of the model … suggests that increased credit availability accounts for most of the long-term saving decline, while fluctuations in wealth and …

We analyze the differential impact of domestic and foreign monetary policy on the local supply of bank credit in … lower domestic interest rate expands the supply of credit in the domestic but not in the foreign currency. A lower foreign …