effectiveness of monetary policy can be linked to weaker responses of credit costs, suggesting a financial accelerator mechanism … improve funding conditions and credit supply, and thereby to stimulate the economy. …

German credit register to show that asset scarcity had real effects: Banks more exposed to asset scarcity increased their … credit supply. …

negative territory just before business cycle peaks and then strongly recovers as the recession unfolds. Recessions are … well. We show that such model-implied recession probabilities strongly improve equity premium prediction out-of-sample. We …

The recent financial crisis has put the spotlight on the rapid rise in credit which preceded it. In this paper, we … provide an empirical and theoretical analysis of the credit boom and the macroeconomic context in which it developed. We find … economies in which it took place. We show that this type of credit and financial cycle is hard to reconcile with existing …

rate risk and to credit risk are remunerated, that banks' try to stabilize the mid-term net interest margin with exposure … credit risk. …