We study a dynamic economy where credit is limited by insufficient collateral and, as a result, investment and output … are too low. In this environment, changes in investor sentiment or market expectations can give rise to credit bubbles …, that is, expansions in credit that are backed not by expectations of future profits (i.e. fundamental collateral), but …

We study a dynamic economy where credit is limited by insufficient collateral and, as a result, investment and output … are too low. In this environment, changes in investor sentiment or market expectations can give rise to credit bubbles …, that is, expansions in credit that are backed not by expectations of future profits (i.e. fundamental collateral), but …

euro area as a whole and in its five largest countries. In a Bayesian VAR framework, the two credit supply shocks are … for business cycles. For the euro area, the explanatory power of the two credit supply shocks for GDP growth variations is …

rates, output, asset prices and credit in the US. We find close linkages amongst cyclical fluctuations in the variables. …

liberalisation and credit availability. We find that credit availability has had a significant impact on movements in output, and …

This study provides evidence of the relationship between credit and real activity in Central America and the Dominican … Republic. We address the empirics of the link between credit and real activity for the case of a group of developing countries … with limited financial markets where bank credit is the main source of external finance for the private sector. We compile …

that otherwise would have had a unique, stationary equilibrium. Some new results about the dynamics of credit rationing are …

We study a dynamic economy where credit is limited by insufficient collateral and, as a result, investment and output … are too low. In this environment, changes in investor sentiment or market expectations can give rise to credit bubbles …, that is, expansions in credit that are backed not by expectations of future profits (i.e. fundamental collateral), but …

, the now infamous credit to GDP chart. We compare the conclusions reached in the literature after the crisis with the … results that could have been drawn from an ex ante analysis. We show that, even though credit affects the business cycle in …

between unemployment and crime also depends on preexisting local crime levels. In order to analyze conjectured nonlinearities … quantile regressions confirm the positive link between unemployment and crime for property crimes, results for assault differ …