closely the money market rate. We make the investment decision explicitly dependent on a long-term rate for a credit contract …

By using short-term direct finance firms of the highest credit quality expose themselves to rollover risk in the public … debt markets. Firms insure themselves against this risk by securing backup lines of credit from banks that they may use … of firm’s publicly observable credit quality. Under plausible assumptions about the cost of bank borrowing the model …

observed household and firm expectations. …

over 215,000 observations from 1985 to 1999, we explore what can be learned about the interest channel and the broad credit …, implying that a broad credit channel might not be equally pervasive in all countries. …

monetary transmission via private sector balance sheets, credit risk spreads and asset markets in an integrated setup and to … house price inflation, strong private debt growth and low credit risk spreads. The results suggest that (i) monetary policy … contributed discernibly, but at a late stage to the unsustainable developments in house and credit markets that were observable …

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 …

Relationship lending is a common practice in credit financing all over the world, particularly in Germany. On the basis …