aggregate data. Changes in household credit limits explain 40 percent of the differential rise and fall of employment across … gradual, credit shocks greatly slowed the recovery …

Assessing when credit is excessive is important to understand macro-financial vulnerabilities and guide macroprudential … policy. The Basel Credit Gap (BCG) - the deviation of the credit-to-GDP ratio from its long-term trend estimated with a one … warning of banking crises. However, for a number of European countries this indicator implausibly suggests that credit should …

This paper analyzes the determinants of credit cyclicality. It constructs a financial development index and studies …-can mitigate credit cyclicality, given that the response of credit to output or terms of trade shocks is stronger in countries with …

We examine the characteristics and comovement of cycles in house prices, credit, real activity and interest rates in … advanced economies during the past 25 years, using a dynamic generalized factor model. House price cycles generally lead credit …, while the U.S. credit cycle leads mainly over the long term …

Recoveries that occur in the absence of credit growth are often dubbed miracles and named after mythical creatures. Yet … impaired financial intermediation is the culprit. Creditless recoveries are more common after banking crises and credit booms …