of firms partially offset reduced credit supply by resorting to alternative financing sources …

This paper addresses the credit channel in Germany by using aggregate data. We present a stylized model of the banking …. Applying a vector error correction model (VECM), we estimate the response of bank loans after a monetary policy shock taking … loans by matching the theoretical impulse responses with the empirical impulse responses to a monetary policy shock …

of Asdrubali et al. (1996). Their framework allows us to estimate the degree of smoothing of a shock to a state’s gross … domestic product by factor markets, the government sector, and credit markets, respectively. For the time period from 1970 to … through credit markets. For the post-reunification period, 1995 to 2006, the relative importance of the smoothing channels …

. Two different supply shocks are considered: an oil price shock, and the integration of relatively labour …-abundant countries into the world economy. With flexible wages, a negative supply shock leads to a decrease in the wage rate while …