fluctuations, in line with prominent roles played by the credit crunch and collapse of the asset-backed security market in the … riskiness of borrowers. By using loan approval probability as a screening device, banks ration credit following financial …

credit offered to firms, and requiring the intermediaries to raise further funds by paying the cost to issue equity. This … are characteristic of the credit crunches observed in the data. …

We investigate the welfare consequences of consumer credit regulation in a dynamic, heterogeneous-agent model with … endogenous lender market power. We incorporate a decentralized credit market with search and incomplete information frictions … into an off-the-shelf Eaton-Gersovitz model of consumer credit and default. Lenders post credit offers and borrowers apply …

This paper explores whether different funding structures-including the source, instrument, currency, and counterparty … location of funding-affected the extent of financial stress experienced in various countries and sectors during the Covid-19 … spread in early 2020. We measure financial stress using a new dataset on changes in credit default swap spreads for …

-linearities in the credit channel. …