and the change in the VIX index on release days to identify a pure credit supply shock and a risk-taking shock using sign … the VIX, the excess bond premium and stock prices decrease after a pure credit supply shock, they increase after a risk …-taking shock. …

This paper contributes to a better understanding of the important role that credit demand plays for credit markets and … structural credit demand equation together with credit supply, aggregate supply, demand and monetary policy in a Bayesian … identification. In order to improve identification of the credit demand shocks, I construct a new granular instrument from regional …

Lithuania's current credit cycle highlights the strong link between housing prices and credit. We explore this … relationship in more detail by analyzing the main features of credit, housing price, and output cycles in Baltic and Nordic … countries during1995-2017. We find a high degree of synchronization between Lithuania's credit and housing price cycles. Panel …

of sticky bank-firm relationships, estimate its structural parameters in euro area credit register data, and infer …

euro area as a whole and in its five largest countries. In a Bayesian VAR framework, the two credit supply shocks are … for business cycles. For the euro area, the explanatory power of the two credit supply shocks for GDP growth variations is …

I study how unsecured credit affects the extent to which unemployment insurance (UI) policies smooth cyclical … generates the cyclical properties of unsecured revolving credit balances and consumer bankruptcies in the data. The model is … quantitative result of this paper is that unsecured credit amplifies the extent to which UI policies smooth aggregate consumption …

lenders adjust their bid and ask schedules, or equivalently, the credit demand and supply surfaces for debt contracts with … different interest rates and loan-to-value ratios. The tangent point between the two credit surfaces maximizes the gains from …

What are the long-run aggregate effects of monetary shocks displaying throughthe credit channel of monetary policy? We … credit and innovation. Then, we develop a DSGE model featuring endogenous growth, in which credit frictions constrain the …

This paper analyzes the design of simple macroprudential rules for bank and non-bank credit markets in a medium … rule implies near price stability, while the optimal macroprudential policy rule stabilizes bank credit and bond volumes … sector-specific financial shock, responding optimally as if the shock affects both sectors, then welfare outcomes are …