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 …

of other determinants of expansions in credit to income and test whether the causal relationships are sensitive to … different measures of credit. We find that top income shares significantly affect future credit to income of the private … household sector. The test statistics reveal that the effect of top income shares is weaker for bank credit to the private non …

others blow over. We demonstrate that what makes some bubbles more dangerous than others is credit. When fueled by credit … slower recoveries. Credit-financed housing price bubbles have emerged as a particularly dangerous phenomenon. …

changes in financial intermediaries' balance sheets for the supply of credit, liquidity and asset prices, and, consequently …

to have a significant effect on economic activity and credit market variables, but to some extent also inflation, in all …

This paper aims to shed light on the role of credit supply shocks in euro area countries during the recent pre … impulse response functions based on the theoretical model by Gerali et al. (2010). The results suggest that credit supply … economy have generally increased since the recent crisis. Moreover, we report evidence that credit supply shocks contributed …

to bank loans, such as financing via equity, debt securities, trade credit and lending from non-banks. We investigate …-bank loans to be substitutes for bank loans with negative responses to a positive loan supply shock while trade credit is a …. Quantitatively, the developments in bank loans and trade credit dominate the response of the overall sum of the external financing …