particularly strong for liquidity- and default-risk- related spreads, long-term spreads, and the spreads that were most likely …

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 …

achieved by embedding the Melitz (2003) model into an incomplete-markets neoclassical framework with an endogenous credit …

performance of individual securities. Risk premia (spreads) increase with the proportion of traders in the market who are averse …

mortgage market has been effective, in the sense that the risk premia in this market have been uniquely shielded from the …

In an environment of low inflation, the Federal Reserve faces the risk that it has not provided enough monetary …, and asset prices; or by stimulating bank lending through the credit channel. This paper also examines the alternative …-sector credit instruments (at least those that may be purchased by the Federal Reserve); unsterilized and sterilized intervention in …