firms accelerate, loan growth. We find that small firms increase trade credit, a substitute credit, indicating a strong loan …-desirable alternative. Using trade credit is propitious since unlike commercial paper (investigated by previous researchers), it is widely … used by the small firms suffering the loan decline. Surprisingly, we also find large firms increase trade credit, a puzzle …

Empirical credit demand analysis undertaken at the aggregate level obscures potential behavioral heterogeneity between … the credit cycle with respect to interest rates, output and house prices is found. The results motivate sector …

others blow over. We demonstrate that what makes some bubbles more dangerous than others is credit. When fueled by credit … slower recoveries. Credit-financed housing price bubbles have emerged as a particularly dangerous phenomenon. …

-2009 output collapse. To this end, we use three variables: credit stock, credit flow and money supply M1. We find that the changes … created credit than in the case of consumption, which is rather correlated with the whole money supply M1. In conclusion, we … recorded an increase of credit flow along with the GDP. The new flow of money is mostly used for investment and consumption …

A variety of empirical and theoretical evidence published in recent years suggests that frictions in credit markets are … of the credit view interpretation of this evidence. Special attention is paid to the role of borrowers' net worth. A … and borrower is embedded in a stochastic dynamic general equilibrium model with money. The model incorporates a cash …

This paper presents a full model of the Credit Channel of the monetary transmission mechanism. In particular, the … general equilibrium model with money. In contrast to the traditional assumption, the paper assumes that agency costs arise in … without heterogeneous borrowers. Second, the model dampens the impulse response of output after a positive money supply shock …

beyond other better-known early warning indicators, such as credit booms. This predictive power, however, only holds in … the short-term popularity benefits of weak credit booms rather than implementing politically costly corrective policies …