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 …

quite stable over time. - Credit cycles ; fiscal policy ; procyclicality …

firms' access to credit markets plays an important role in explaining this stylized fact: business cycle fluctuations in … addition, better access of small firms to credit markets in the wake of state-level banking deregulation during the 1980s seems … better access to credit markets may have made it easier for the owners of small firms to smooth income in the face of adverse …

We propose a joint dating of the Italian business and credit cycle on a historical horizon, by applying a local turning … carry out some statistical tests for comovement between credit and business cycle and we propose a measure of asymmetry of … this comovement, which proves to be weaker in recessions. We find evidence that credit and business cycle are poorly …

We document a strong political cycle in bank credit and industry outcomes in Turkey. In line with theories of tactical … lending and creates credit constraints for firms in opposition areas, which suffer drops in assets, employment and sales but …