, characterise somehow the monetary policy shock and then plot impulse responses. In this paper I attempt to do this exercise with …’ strategy applied recently by several authors. I also propose another approach, namely, imposing restrictions on implied shock ….1-0.15% lower consumer prices; (4) the impact on prices is slower than on output; it reaches its bottom 4-6 years after the shock …

The recent financial crisis has put the spotlight on the rapid rise in credit which preceded it. In this paper, we … provide an empirical and theoretical analysis of the credit boom and the macroeconomic context in which it developed. We find … economies in which it took place. We show that this type of credit and financial cycle is hard to reconcile with existing …

significant responses to a monetary policy shock. Shocks to asset prices have a positive, significant effect on GDP and credit …This paper studies the relationships between inflation, economic activity, credit, monetary policy, and residential …

the broad credit channel theory) stresses the impact of monetary policy on the borrowers. balance sheets, we examine the …The importance of credit in the monetary transmission mechanism has recently attained a lot of attention due to a … growing understanding that credit market imperfections can have an impact on the monetary policy effectiveness. In this study …

This paper investigates the credit channel in Germany and the United Kingdom. The financial systems of these two … competition among credit intermediaries, resulting in a declining dependence on banks in Germany. …

We study how credit supply shocks in the US, the euro area and Japan are transmitted to other economies. We use the … effect of reducing credit supply to the private sector. We find that negative US credit supply shocks have stronger negative … effects on domestic and foreign GDP, compared to credit supply shocks from the euro area and Japan. Domestic and foreign …

to test the distributional implications of potential credit market frictions. The results suggest that there is no …