-varying and dependent on current income. The theoretical framework rationalizes the importance of predictable credit growth in …This paper investigates the role of consumer credit in determining real consumption growth in aggregate, post-war U ….S. data. This paper presents evidence that predictable growth in consumer credit is significantly related to consumption …

risk control in a real-time gross settlement system and analyzes the pricing of credit to provide intraday liquidity. She … intraday payment credit should be zero. This is because the cost of intraday liquidity is a transaction cost of the underlying …

--in particular, balance sheet constraints and counterparty credit risk. The empirical evidence supports the Fed's views on the … primacy of balance sheet constraints in the earlier stages of the crisis and the increased prominence of counterparty credit …

We investigate the pairwise correlations of 11 U.S. fixed income yield spreads over a sample that includes the Great …