2014. We explore the dynamic adjustment process following this credit supply shock. In counties where the largest banks had … a high market share, the aggregate flow of small business credit fell, interest rates rose, fewer businesses expanded …, unemployment rose, and wages fell from 2006 to 2010. While the flow of credit recovered after 2010 as other lenders slowly filled …

This paper studies the role of credit in the business cycle, with a focus on private credit overhang. Based on a study …; and for both types of recession, more credit-intensive expansions tend to be followed by deeper recessions and slower … controls and their lags. Then we study how past credit accumulation impacts the behavior of not only output but also other key …

domestic credit expansion and real currency appreciation have been the most robust and significant predictors of financial …

corporate credit risk relative to the US, and when european firms value more than US firms the flexibility and information …

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