The amount of credit in the economy is a heterogeneous aggregate that can be analyzed across different dimensions …. Considering such dimensions provides insights into the effect of monetary policy interventions because the credit components are …

conditions, credit default and bank capitalization for the transmission of macroeconomic shocks. We fit the model to euro area … credit spreads to monetary policy shocks. …

others blow over. We demonstrate that what makes some bubbles more dangerous than others is credit. When fueled by credit … slower recoveries. Credit-financed housing price bubbles have emerged as a particularly dangerous phenomenon. …

This paper presents a micro data approach to the identification of credit crunches. Using a survey among German firms … which regularly queries the firms' assessment of the current willingness of banks to extend credit we estimate the … probability of a restrictive credit supply policy by time taking into account the creditworthiness of borrowers. Creditworthiness …

This paper addresses the credit channel in Germany by using aggregate data. We present a stylized model of the banking …. Evidence in support of the credit channel can be reported. …

credit multiplier. In contrast, the multiplier declines considerably after an expansion of the Eurosystem's balance sheet. …