to construct quarterly gross credit flows (credit expansion and credit contraction series) for the U.S. banking system … during the period 1999:Q1-2008:Q4 and provide new evidence on changes in lending. We show that credit expansion, as defined … in this paper, began declining during the first half of 2008 while credit contraction began steeply increasing only …

innovation can be applied to closely related environments used elsewhere in the literature that study insurance and credit … markets under limited commitment and private information. The analysis demonstrates clearly how insurance, credit, and money …

This paper resuscitates the credit-cycle theory of Kiyotaki and Moore (1997) in a two-agent RBC model with conventional … preferences and standard neoclassical technologies. It is shown that small transitory shocks to credit demand (or supply) can … generate large, highly persistent, dampened cycles in aggregate output. Key to our results is the interaction between credit …

Credit affects the economy via various channels: its price, collateral requirements and the extent of rationing. Would … the intensity of monetary transmission be affected by the market structure of the credit industry? Using a spatial … competition framework I demonstrate how credit market structure can affect the transmission of monetary policy changes into real …

delivered by Mr. Poole at St. Louis University on Oct. 20, 1998, which was titled "A Perspective on Credit Markets Today." …