Negative shocks to housing, most households’ largest consumption good, are expected to create strong credit demand to … smooth these shocks over time. We estimate and trace a credit demand curve for households who recently experienced a negative … price-sensitive, only a third would accept loans offered at the 30-year mortgage rate. We find a large impact of credit …

This paper studies episodes in which aggregate bank credit contracts alongside expanding economic activity-credit …--on average, they occur every five years. By comparison, banking crises take place every eight years on average. Credit reversals …

cycle. With forward-looking banks, lending cycles, credit booms and busts, or suppressed and highly fragile bank systems can …-taking without fully hampering credit intermediation. …