This paper addresses the credit channel in Germany by using aggregate data. We present a stylized model of the banking …. Evidence in support of the credit channel can be reported …

the importance of the interest rate and credit channels on business fixed investment in Germany. We have at our disposal … measure of creditworthiness, we find that credit constraints are important for a subset of firms. Sortings by firm size or …

A crucial condition for the existence of a credit channel through bank loans is that monetary policy should be able to … of a credit channel …