We estimate the effect of demand and price uncertainty on firms’ investment decisions from a panel of manufacturing … firms. Uncertainty measures are derived from firms’ subjective qualitative expectations. They are close to their theoretical … counterparts, the variances of future demand and price shocks. We find that demand uncertainty depresses planned and realized …

This paper investigates the potential impact of the growing influence of the opinions of credit rating agencies (CRAs …. Rating agencies who strive to provide credit assessments that remain broadly stable through the course of the business cycle … is however too early to say whether these changes mean a fundamental shift in their approach to credit risk measurement. …

uncertainty. Positive/negative bubbles arise when prior public beliefs about the aggregate productivity of producers (business … macroprudential policy is represented by a convex dependence of bank capital requirements on the quantity of uncollateralized credit …

The rapid increase in credit in an economy is now commonly perceived to be one of the leading indicators of financial … policy response has been to focus on the ratio of private sector credit to GDP for an economy, observing, in particular …-state relationship between private sector credit and GDP in the case of Ireland, a country which, even by international standards …

restrictions and the credit spread as a threshold variable using the example of the Czech Republic. We find that while there is no … to differ in low and high credit spread regimes. Responses in the opposite direction (i.e. from the financial sector to … the real economy) are procyclical and similar irrespective of regime. A positive shock to credit and a negative shock to …