Loan guarantees are arguably the most widely used policy intervention in credit markets, especially for consumers. This … consumption loans. Our work is novel as it studies loan guarantees in a rich dynamic model where credit allocation is allowed to …

In this paper, we develop a normative theory of unsecured consumer credit and personal bankruptcy based on the optimal … the main qualitative features of personal credit markets and bankruptcy law that actually exist in the United States. …

How might society ensure the allocation of credit to those who lack meaningful collateral? Two very different options …

We describe a stochastic economic environment in which the mix of money and trade credit used as means of payment is … endogenous. The economy has an infinite horizon, spatial separation and a credit-related transaction cost, but no capital. We … monetary policy and for time series analysis using money and trade credit. …

the same set of institutions, i.e., banks, because systems to evaluate credit, monitor and enforce loan agreements, and … extend credit on short notice are productive in originating loans to nonfinancial customers and in managing lending to …

This article emphasizes the role of nonprice rationing in credit crunches. It proposes a process for identifying credit …, and a variable is constructed that indicates when credit crunches occurred. In addition, the article questions the … conventional wisdom that Regulation Q was the primary cause of the 1960s credit crunches. …

Practices have been cited frequently as an indicator of general credit availability. Results from the Board's survey suggest …

credit aggregates in specifying its longer-run targets. …

Credit controls are generally believed to result in an inefficient allocation of resources. This paper presents a … in which both cash (i.e. fiat currency) and trade credit are used in exchange. Transaction costs, restrictions on the … restriction on the use of trade credit can yield a Pareto superior allocation. …