euro area as a whole and in its five largest countries. In a Bayesian VAR framework, the two credit supply shocks are … for business cycles. For the euro area, the explanatory power of the two credit supply shocks for GDP growth variations is …

We show that negative policy rates affect the supply of bank credit in a novel way. Banks are reluctant to pass on …

restrictions and the credit spread as a threshold variable using the example of the Czech Republic. We find that while there is no … to differ in low and high credit spread regimes. Responses in the opposite direction (i.e. from the financial sector to … the real economy) are procyclical and similar irrespective of regime. A positive shock to credit and a negative shock to …

Using credit-registry data for Spain and Peru, we document that four main types of commercial credit—asset-based loans …, cash-flow loans, trade finance and leasing—are easily identifiable and represent the bulk of corporate credit. We show that … credit dynamics and bank lending channels vary across these loan types. Moreover, aggregate credit supply shocks previously …

To what extent does the availability of credit depend on monetary policy? And, does this relationship vary with bank …