credit default swaps for investors is to blame for the financial crisis. We find little evidence for this. Housing data … credit default swaps that were used to insure mortgage-backed securities would have been low because housing investments were …

effects go via the interest rate impact on credit, house prices and banks' wholesale funding. We find that the impact of a … from the impact of monetary policy on credit …

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 …

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

flows and credit is a plausible signal macroeconomic imbalances. The results suggest that although the above indicators …