, in principle, as a new tool that works through the supply side – by providing credit; but it was only used substantially … provide credit to the whole productive economy – which will provide policy makers with a new macro-tool capable to stimulate …

sector and those of credit spread. I find that (i) liabilities and equity are procyclical, leverage ratio is acyclical, and … credit spread is countercyclical, (ii) financial variables are three to ten times more volatile than output, and (iii …

This paper conducts a quantitative analysis of the role of financial shocks and credit frictions affecting the banking … variables in the U.S. banking sector: (i) Bank credit, deposits and loan spread are less volatile than output, while net worth … and leverage ratio are more volatile, (ii) bank credit and net worth are procyclical, while deposits, leverage ratio and …