of sticky bank-firm relationships, estimate its structural parameters in euro area credit register data, and infer … and borrower risk. A by-product of our analysis is a structural interpretation of two-way fixed effects regressions in …

, we offer new empirical evidence that credit declines during a recession primarily because of the reduction in the net … the bank credit market). Along the macroeconomic dimension of these gross flows, we document four cyclical facts. First …, the volatility of borrower inflows is two times as large as the volatility of obligors exiting from the credit market …

Credit and business cycles play an important role in economic research, especially for central banks and supervisors …. We reexamine a very useful dynamic model proposed by Kiyotaki and Moore (1997) of an economy with an endogenous credit … positive feedback loop and the endogenous credit constraint. We mathematically show that contrary to common belief the model …

We conceptualize global liquidity as global monetary policy and credit components by means of a large-scale dynamic … credit components into credit supply and demand flows directed at the public (governments) and private sector (businesses and … sector credit supply is best understood as a safe-haven lending factor from an investors perspective, lenders supply the …

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 …

This paper identifies credit booms in 11 Euro Area countries by tracking private loans from the banking sector. The … threshold methods does not allow to catch credit booms in real-time data. Thus, an early warning model is employed to predict … the explosive dynamics of credit through several macro-financial indicators. The model catches a large part of the in …

We argue that Schularick and Taylor's (2012) comparison of credit growth and monetary growth as financial … merits of the "money view" and "credit view" as accounts of macroeconomic outcomes. Our own analysis of the postwar evidence … suggests that money outperforms credit in predicting economic downturns in the 14 countries in Schularick and Taylor's dataset …

credit offered to firms, and requiring the intermediaries to raise further funds by paying the cost to issue equity. This … are characteristic of the credit crunches observed in the data. …

intermediate inputs matters for aggregate outcomes. This paper focuses on trade credit - the lending and borrowing of input goods … shows how trade credit alleviates financial frictions through a process of credit redistribution and creation, thus leading … credit lending, further tightening their customers’ borrowing constraint. The decline in economic activities following …

This paper proposes a semi-structural approach to identifying excessive household credit developments. Using an … overlapping generations model, a normative trend level for the real household credit stock is derived that depends on four …-aged cohort, and institutional quality. Semi-structural household credit gaps are obtained as deviations of the real household …