mechanism of the Eurosystem's credit support policies since the start of the crisis. First, we show that these policies have … indeed been succesful in stimulating the credit flow of banks to the private sector. Second, we find support for the "bank … responded more to the credit support policies of the Eurosystem as a result of more favourable size, retail and liquidity …

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 …

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. …

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

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. …

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 …

Small businesses (SMEs) depend on banks for credit. We show that the severity of the Eurozone crisis was worse in … from international banks. Eurozone banking integration in the years 2000-2008 mainly involved cross-border lending between …