estimated credit condition index has a high correlation with the Bank Lending Survey, a quarterly survey in which banks are … estimate a credit condition index (CCI). The credit conditions index represents changes in the supply of credit over time … financial futures, options, swaps, securitized loans and synthetic securities which allowed for easy access to credit for …

-regulated, more fragile nonbanks. The bank-to-nonbank shift largely neutralizes total credit and associated consumption effects for …We show that nonbanks (funds, shadow banks, fintech) reduce the effectiveness of tighter monetary policy on credit … since 1990s and Gertler-Karadi monetary policy shocks. Higher policy rates shift credit supply from banks to less …

the period 2003Q1-2019Q4 with a special emphasis on credit conditions. With the help of this model, monetary policy … determining the relative weight of these states over time. We show that shocks to the credit spread and shocks to credit standards … directly lead to a reduction of real GDP growth, whereas shocks to the quantity of credit are slightly less important in …