This paper investigates whether output and inflation respond asymmetrically to credit shocks in the euro area. The … effects related to credit conditions in the economy. Consistent with this finding, the impulse responses show some signs of …

, (ii) credit supply and (iii) housing demand shocks on the housing market and the broader economy. We find that … clearcut for housing demand shocks. We also find that credit supply shocks matter more in the euro area. JEL Classification: E …

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 …

capita output growth, the credit cycle, the stock of inward foreign direct investment (FDI) and the current account balance … development of the credit to GDP ratio. JEL Classification: F3, F4, F5 …

increase not only with the output gap, but also with the credit spread and thenominal interest rate. Second, we find that …