uncertainty. Positive/negative bubbles arise when prior public beliefs about the aggregate productivity of producers (business … uncollateralized credit. We find that this kind of policy is more successful in suppressing equity price swings than moderating output …

question, we identify the compositional changes in banks' supply of credit using the variation in their holdings of residential …

question, we identify the compositional changes in banks' supply of credit using the variation in their holdings of residential …

-service-to-income ratios, in affecting developments in house prices and credit. We use data on 99 lending standard restrictions implemented in … house prices and credit. However, the impact is delayed and reaches its peak only after three years. In addition, the impact …

analysis of macroprudential policy. We find that credit financed bubbles may have a role as a buffer in channeling excessive …Excessive credit growth and high asset prices increase systemic risks. Because, in equilibrium, these two variables are … bubbles can explain some of the main features of banking crises, thus providing a microfounded framework for the rigorous …