banks during the 1990s on credit allocation using the Short-term Economic Survey of Enterprises. This survey includes a … from our model. We found that credit was reduced when the balance sheet of firms and banks deteriorated. The effects are … particularly significant for non-manufacturing industries. -- Tankan Survey ; Credit crunch ; Ever-greening ; Non-performing loans …

This paper proposes and tests a theory of credit-driven asset bubbles which are neutral in their real effects. When a …

This paper contributes to the literature on the properties of money and credit indicators for detecting asset price … several macroeconomic monetary, financial and real variables. According to statistical tests, credit aggregates (either in …

deregulation and estimate a large impact of this credit boom on asset prices. However, this direct effect---the focus of most …

fourth, that money-financed fiscal expansion is effective in raising output and inflation, and accompanied with lower credit … monetary policy a complement to or a substitute for macroprudential policy? What is the role of money-financed fiscal expansion …) model featuring deposit issuance via bank credit and endogenous default. We argue that the official policy rate and the …

This paper examines how the materialization of credit defaults affects the real economy. I estimate a DSGE model … including banks, firms and financial frictions using euro area data. The estimation results show that a positive credit default … shock, which is identified as an unanticipated increase in credit default losses, complicates monetary policy because output …