We study the relation between the credit cycle and macro-economic fundamentals in an intensity-based framework. Using … the credit cycle from the micro rating data. We relate this cycle to the business cycle, bank lending conditions, and … financial market variables. In line with earlier studies, these variables appear to explain part of the credit cycle. As our …

This paper presents a simple and tractable equilibrium model of repos, where collateralized credit emerges under … over time. In our theory, repo market fragilities are associated with endogenous fluctuations in trade probabilities … recession and the highest right after the recession, and that secured credit is acyclical. …

that highlights this interaction. Theory points to an expected linkage between service sector competition and goods trade …

Firms hiring fresh graduates face uncertainty on the future productivity of workers. Theory suggests that starting …