This paper investigates the responses of house prices and household credit to monetary policy shocks in Norway, using … household credit is muted. This is consistent with a relatively small refinancing rate of the mortgage stock each quarter. Using … to mitigate household credit may prove costly in terms of GDP and inflation variation. …

Is there a link between loose monetary conditions, credit growth, house price booms, and financial instability? This … paper analyzes the role of interest rates and credit in driving house price booms and busts with data spanning 140 years of …

employ global public and private credit components of Herwartz, Ochsner, and Rohloff (2021) in factor-augmented vector …-autoregressions to trace credit shocks through the real economy (output, inflation and unemployment). Specifically, two components of … global credit boost the business cycle and lower unemployment in the short-run, namely government credit demand and business …

This paper suggests that non-fundamental component in asset prices is one of the drivers of financial and credit cycle … that loose monetary policy induces loose credit conditions and leads to a rise in both fundamental and nonfundamental …, lending rate and default rate decreases. These effects reverse after several quarters, inducing a credit crunch. The credit …

pressure, and excessive credit growth by allocating income to agents featuring low marginal propensity to consume, and if …

This paper studies the interaction between the business cycle and the credit market. A first result is that the … business cycle has procyclical effects on different types of credit (i.e., consumer, commercial and mortgage loans). The … then, a decline in credit. We interpret this phenomenon as excessive risk-taking. Similarly, periods of economic …

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 …