month ahead expected credit standards for several non-financial private sector categories to risk of the macroeconomic … environment banks operate in to reflect whether credit standards react disproportionately to changes in the monetary policy stance … caused by disproportionately strong (weak) reactions in credit standards compared to the overall macroeconomic risk …

to bank loans, such as financing via equity, debt securities, trade credit and lending from non-banks. We investigate …-bank loans to be substitutes for bank loans with negative responses to a positive loan supply shock while trade credit is a …. Quantitatively, the developments in bank loans and trade credit dominate the response of the overall sum of the external financing …

the period 2003Q1-2019Q4 with a special emphasis on credit conditions. With the help of this model, monetary policy … determining the relative weight of these states over time. We show that shocks to the credit spread and shocks to credit standards … directly lead to a reduction of real GDP growth, whereas shocks to the quantity of credit are less important in explaining …