In U.S. data 1981–2012, unsecured firm credit moves procyclically and tends to lead GDP, while secured firm credit is … acyclical; similarly, shocks to unsecured firm credit explain a far larger fraction of output fluctuations than shocks to … secured credit. In this paper we develop a tractable dynamic general equilibrium model in which unsecured firm credit arises …

the credit channel via the financial accelerator mechanism. The results show that tax evasion is pro cyclical and …

This paper proposes a theoretical framework to analyze the impacts of credit and technology shocks on business cycle … financial institutions in the transmission of credit and technology shocks to the real economy. A positive credit shock, defined … between loan and deposit rates. The effects of the credit shock tend to be highly persistent even without price rigidities and …

We study the implications of credit constraints for the sustainability of product market collusion in a bank …-financed oligopoly in which firms face an imperfect credit market. We consider two situations, without and with credit rationing, i ….e., with a binding credit limit. When there is credit rationing, a moderately higher cost of external financing may affect the …

Credit rationing in the presence of asset inequality affects production and trade pattern in this paper, but not in the … more equal asset distribution may contract the output of the credit intensive sector as redistribution to the bottom of the … out the possibility that an economy with relatively equal distribution of asset ownership may import capital or credit …

credit market competition is intense. The latter emerges when banks exercise market power. Thus, competition is beneficial to … of credit available in the economy …

In the education literature, it is generally acknowledged that both credit and insurance for students are rationed. In … of ex-post moral hazard and adverse selection produces credit market rationing when default penalties are low. When …

In higher education, pure credit market funding leads to underinvestment due to insufficient risk pooling, while pure … credit markets coexist alongside income-contingent loan funding – might restore efficiency of the educational investment … and, under some condition, leads to higher social welfare than pure credit market funding. If combined with a policy that …