credit market for the period 2010-13. Second, we provide a description of the relationship between credit difficulties and … correlation between credit difficulties and adjustments along both the extensive and the intensive margin. In the presence of … credit market difficulties, firms cut wages by reducing the variable part of wages. This evidence suggests that credit shocks …

This paper uses a unique dataset where credit rejections experienced by euro area firms are matched with firm and bank … characteristics. This allows us to study simultaneously the role that bank and firm weakness had in the credit reduction observed in … the euro area during the sovereign debt crisis, and in credit developments characterising the post-crisis recovery …

credit growth is used to capture cyclical exuberance and calibrate buffer requirements, it depends on potentially … heterogeneous dynamics on the borrower and lender sides. By decomposing credit growth into a common component and components … capturing heterogeneity in supply and demand à la Amiti and Weinstein, 2018 applied on the euro area credit register ("AnaCredit …

We investigate the impact of employment protection on firms' credit access by looking at both credit obtained from … and in dismissing employees increases the probability that firms obtain credit and that greater flexibility in dismissing … employees decreases the probability that firms are discouraged from applying for credit. However, our findings also reveal that …

We use monthly data on individual loans from the Italian Credit Register over the period from 1997 to 2019 and show … that bank credit expansions in the non-financial private sector are mostly explained by variations in the extensive margin … calculated either in credit ows or headcount of new borrowers. We then build on a ow approach to decompose changes in the net …

of sticky bank-firm relationships, estimate its structural parameters in euro area credit register data, and infer …

We analyze the interaction between credit and asset prices in the transmission of shocks to the real economy. We … business cycle and which captures periods of very low real credit growth at the end of recessions. However, during this regime … credit markets and asset price markets do not impede economic recovery. In the other regime, we do find a procyclical effect …

This paper investigates whether output and inflation respond asymmetrically to credit shocks in the euro area. The … effects related to credit conditions in the economy. Consistent with this finding, the impulse responses show some signs of …

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 …