The recent financial crisis has put the spotlight on the rapid rise in credit which preceded it. In this paper, we … provide an empirical and theoretical analysis of the credit boom and the macroeconomic context in which it developed. We find … economies in which it took place. We show that this type of credit and financial cycle is hard to reconcile with existing …

This paper proposes a theoretical framework to analyze the relationship between credit shocks, firm defaults and … volatility, and to study the impact of credit shocks on business cycle dynamics. Firms are identical ex ante but differ ex post … economy. A positive credit shock, defined as a rise in the loan-to-deposit ratio, increases output, consumption, hours and …

The recent financial crisis has put the spotlight on the rapid rise in credit which preceded it. In this paper, we … provide an empirical and theoretical analysis of the credit boom and the macroeconomic context in which it developed. We find … economies in which it took place. We show that this type of credit and financial cycle is hard to reconcile with existing …

This paper proposes a theoretical framework to analyze the impacts of credit and technology shocks on business cycle … financial institutions in the transmission of credit and technology shocks to the real economy. A positive credit shock, defined … between loan and deposit rates. The effects of the credit shock tend to be highly persistent even without price rigidities and …

This paper proposes a theoretical framework to analyze the impacts of credit and technology shocks on business cycle … financial institutions in the transmission of credit and technology shocks to the real economy. A positive credit shock, defined … between loan and deposit rates. The effects of the credit shock tend to be highly persistent even without price rigidities and …

This paper proposes a new theoretical framework for the analysis of the relationship between credit shocks, firm …. The model is then used to study the impact of credit shocks on business cycle dynamics. It is assumed that firms are … and the level of uncertainty in the economy. A positive credit shock, defined as a rise in the loan-to-deposit ratio …