with a higher probability of granting loans to risky borrowers and a greater riskiness of credit allocation, but these …

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 …

question, we identify the compositional changes in banks' supply of credit using the variation in their holdings of residential …

the period 2003Q1–2019Q4 with a special emphasis on credit conditions. With the help of this model, monetary policy … determining the relative weight of these states over time. We show that shocks to the credit spread and shocks to credit standards … directly lead to a reduction of real GDP growth, whereas shocks to the quantity of credit are less important in explaining …

) restores the banking sector’s lending capacity after the short-term credit crunch induced by tighter regulation. We confirm our …

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 …