monetary shocks. To do so I develop a quantitative general equilibrium model of the bank-lending channel with imperfect credit … are credit constrained and large firms are not. For some parameter values the model reproduces the cyclical observations …

of trade credit by minority-owned small businesses. Results based on the 1993 National Survey of Small Business Finance … (NSSBF) indicate that ethnic differences in the use of trade credit are present after conditioning on an extensive list of … control variables. This holds especially for Black-owned businesses, and we find that they use less trade credit, are less …

Credit spreads are large, volatile and countercyclical, and recent empirical work suggests that risk premia, not … expected credit losses, are responsible for these features. Building on the idea that corporate debt, while safe in ordinary … recessions, is exposed to economic depressions, this paper embeds a trade-off theory of capital structure into a real business …

The housing boom that preceded the Great Recession was due to an increase in credit supply driven by looser lending …

This paper examines the role of credit market competition in the dynamic of capital accumulation. It is shown that the … lending relationship problem which seems to characterize competitive credit markets can have negative repercussions for … equilibrium quantity of credit, but it allows a better allocation of credit supply. This result reconciles with the available …

We study the effects of credit shocks in a model with heterogeneous entrepreneurs, financing constraints, and a …