bank loans more than young firms when facing liquidity shortages. This is consistent with previous studies indicating that … during and after the crisis were likely to default and exit. This implies that credit allocation to mature firms is …

price-sensitive, only a third would accept loans offered at the 30-year mortgage rate. We find a large impact of credit …Negative shocks to housing, most households’ largest consumption good, are expected to create strong credit demand to … smooth these shocks over time. We estimate and trace a credit demand curve for households who recently experienced a negative …