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 …

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 … financial intermediaries, (2) more sophisticated risk management, for example improved initial credit scoring, (3) changes in …