The 'credit channel' theory of monetary policy transmission holds that informational frictions in credit markets worsen … credit aggregates are not valid tests of this theory … components to monetary policy shocks and describe how the credit channel helps explain the facts. We discuss two main components …

functions because the latter require shock identification, which is inherently a difficult process …

financial intermediation in which a change in leverage of global intermediaries leads to an international credit supply increase … an increase in cross-border credit flows, a house price and consumption boom, a real exchange rate appreciation and a … consumption and asset price response to such a shock and show that country differences are associated with the level of the …

light on the distributional consequences at both the individual and regional levels. We find that credit supply factors … are even more pronounced for young and middle-income borrowers who find themselves excluded from the credit market. Also …

Using confidential regulatory firm-bank-loan level data from the U.S., we document four new facts about the credit … market. First, private SMEs typically utilize all available bank credit which comprises their entire balance sheet debt …, compared to large listed firms who can switch between corporate bonds and drawing from credit lines. Second, SMEs borrow …

first examine the impact of economic policy uncertainty on aggregate bank credit growth. Then we analyze commercial bank … macroeconomic controls, economic policy uncertainty affected bank level credit growth, and (ii) whether there is variation in the … on bank credit growth. Since this impact varies meaningfully with some bank characteristics - particularly the overall …

are consistent across approaches and most likely medium. Alternative monetary policy shock measures from estimated Taylor …

Credit market conditions play a key role in propagating shocks in middle income countries (MICs). In particular, shocks … on domestic credit. This strong credit channel is associated with a sharp sectorial asymmetry: the output of the bank … and leads to a well specified estimation framework. From the equilibrium we derive structural VARs that allow us to …