This paper addresses the credit channel in Germany by using aggregate data. We present a stylized model of the banking …. Evidence in support of the credit channel can be reported …

closely resembles that of credit, which allows us to analyse real and nominal consequences of bank credit (and money) creation. … resources in the form of deposits. Therefore, bank credit needs to be modelled as a monetary phenomenon, which directly fuels … monetary institutions and captures banks' institutional ability to create money. Our model features a small open economy with …

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 …

euro area as a whole and in its five largest countries. In a Bayesian VAR framework, the two credit supply shocks are … for business cycles. For the euro area, the explanatory power of the two credit supply shocks for GDP growth variations is …

credit demandand supply shocks at hand, we estimate the marginal effects of identified componentsof global liquidity on 43 … focus on the sectoralorigins (i.e. public vs. private) of credit demand/supply components, and rely on factoraugmented … vector-autoregressions to trace disaggregated credit shocks through the realeconomy (output, inflation and unemployment …