industries. In particular, we address the question of how a dramatic worsening of firm and consumer access to bank credit, such …We study the existence and economic significance of bank lending channels that affect employment in U.S. manufacturing … industries and in the sensitivity of these industries' output to changes in the supply of consumer credit. We show that household …

In this paper, we use Structural VAR analysis to disentangle credit demand and supply shocks and their eFFect on real … ex post the structural shocks. The empirical findings suggest a more important role of credit supply shocks in shaping … the level of real economic activity. Furthermore, the results show that credit crunch hits the North of Italy less than …