We present a series of stylized facts about gross loan flows and how they vary over time, bank size, and region. We define loan creation as the sum of the change in bank loans at all banks that increased loans since last quarter. Loan destruction is similarly defined as the absolute value of the...

The authors estimate a discrete-time multivariate pricing kernel for the term structure of interest rates, using both yields and inflation rates. This gives a separate estimate of the real kernel and the nominal kernel, taking into account a relatively sophisticated dynamical structure and...