This paper takes advantage of access to detailed matched bank-firm data to investigate whether and how employment … decisions of SMEs have been affected by credit constraints in the wake of the Great Recession. Variability in banks' financial … health following the 2008 crisis is used as an exogenous determinant of firms' access to credit. Findings, relative to the …

entrepreneurial activity. On the other hand, as risk shifts to creditors who recover less of their credit after a debtor's bankruptcy …, lenders may charge higher interest rates or ration credit supply, which can hamper entrepreneurship. Both aspects of a more …

habit persistence in consumption behaviour. -- bank credit ; financial intermediation ; firm heterogeneity and defaults …This paper proposes a theoretical framework to analyze the impacts of credit and technology shocks on business cycle … financial institutions in the transmission of credit and technology shocks to the real economy. A positive credit shock, defined …

-shaped profile by age. Third, we show how credit card debt has evolved along the income distribution. Finally, we document a large … amount of heterogeneity in credit card interest rates across consumers. In the second part of the survey, we describe what … has by now become the workhorse model of consumer credit and default. We discuss a quantitative version of the model and …

that well-functioning credit markets would reflect a bank channel for monetary policy at work, we test whether a change in … and the associated change in interest rate does not affect change in bank credit, change in total debt and the proportion … of bank credit in total debt for any of the firms. We discuss the policy implications of the findings. …

have less equity capital. Bank capitalization also proxies for the extent to which the regional banks' borrowers can obtain … liquidity when the regions are hit by weather shocks. We argue that, as liquidity providers, well-capitalized banks support …