rate and credit channels on business fixed investment in the German manufacturing sector. Our panel of financial statements …

raised by twothirds relative to single equation computations. Fourth, firms with poor credit ratings are "paralysed" in being …

A crucial condition for the existence of a credit channel through bank loans is that monetary policy should be able to … small banks are excluded. Overall, the evidence is compatible with the existence of a credit channel, although it is …

predictions that have been proposed for the U.S. are deemed unlikely to apply in Europe. Testing these hypotheses we find that …

We study how credit supply shocks in the US, the euro area and Japan are transmitted to other economies. We use the … effect of reducing credit supply to the private sector. We find that negative US credit supply shocks have stronger negative … effects on domestic and foreign GDP, compared to credit supply shocks from the euro area and Japan. Domestic and foreign …

bank lending associated with changes in monetary policy and industryspecific bank credit demand. To this end, we estimate … that industry-specific bank lending growth predominantly responds to changes in industry-specific bank credit demand rather … lending. Because industries are a prominent source of variation in the bank lending effects of bank credit demand and monetary …

This study provides a rigorous empirical comparison of structural and reduced-form credit risk frameworks. As major … outperforms the structural for investment-grade names and longer maturities. -- Credit risk ; structural models ; reduced …-form models ; default intensity ; stationary leverage ; credit default swaps …