BACCHETTA, Philippe; GERLACH, Stefan - Départment d'économétrie et d'économie politique … - 1997
If some consumers are liquidity-constrained, aggregate consumption should be `excessively sensitive' to credit …, the United Kingdom, Japan and France, we find a substantial impact of credit aggregates on consumption in all countries … considered. Moreover, the borrowing/lending wedge is a significant determinant of consumption in the United States, Canada and …