habit persistence in consumption behaviour. -- bank credit ; financial intermediation ; firm heterogeneity and defaults …This paper proposes a theoretical framework to analyze the impacts of credit and technology shocks on business cycle … financial institutions in the transmission of credit and technology shocks to the real economy. A positive credit shock, defined …

habit persistence in consumption behaviour. -- bank credit ; financial intermediation ; firm heterogeneity and defaults …This paper proposes a theoretical framework to analyze the impacts of credit and technology shocks on business cycle … financial institutions in the transmission of credit and technology shocks to the real economy. A positive credit shock, defined …

Cyclicality in the losses of bank loans is important for bank risk management. Because loans have a different risk … default rate and loss given default of bank loans share a cyclical component, related to the business cycle. We infer this …

This paper analyses the role of collateral in loan contracting when companies are financed by multiple bank lenders and … relationship lending increases the likelihood that a bank invests in a risky workout of distressed borrowers. Both findings support …