Ciccarelli, Matteo; Maddaloni, Angela; Peydró, José-Luis - 2010
Any empirical analysis of the credit channel faces a key identification challenge: changes in credit supply and demand … unique Euro area bank lending surveys. Embedding this information within a standard VAR model, we find that: (1) the credit … channel is active through the balance-sheets of households, firms and banks; (2) the credit channel amplifies the impact of a …