This paper studies evolving macroeconomic consequences of adverse credit spread shocks for the US economy over the past … century. The key objective is to characterize and quantify how the credit transmission mechanism has changed in shaping the … persistent leading to longer term adverse consequences. Throughout the last century credit spread shocks remained potentially the …

Tiny changes in the American monetary policy can have dramatic effects on the rest of the world because of dollar …

Failing to account for joint dynamics of credit and asset prices can be hazardous for countercyclical macroprudential … policy. We show that composite financial cycles, emphasising expansions and contractions common to credit and asset prices …

What are the long-run aggregate effects of monetary shocks displaying throughthe credit channel of monetary policy? We … credit and innovation. Then, we develop a DSGE model featuring endogenous growth, in which credit frictions constrain the …

macroeconometric literature, the paper i) uses a newly-assembled monthly data set of the interwar world economy, and ii) models … monetary disturbances as shocks to central bank gold demand. Based on a monetary DSGE model, the world gold reserve ratio (the …

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 …