Assessing systemic risk and defining macro-prudential policies aiming at reducing economic system vulnerability have been at the center of the economic debate of the last years. Credit networks play a crucial role in diffusing and amplifying local shocks, following the network-based financial...

Aggregate empirical evidence on the financial accelerator effect is highly debated. In this study, we apply multiresolution analysis, based on the continuous wavelet transform, to investigate the relationship between aggregate net worth and credit market variables in the commercial and...