credit demandand supply shocks at hand, we estimate the marginal effects of identified componentsof global liquidity on 43 … focus on the sectoralorigins (i.e. public vs. private) of credit demand/supply components, and rely on factoraugmented … vector-autoregressions to trace disaggregated credit shocks through the realeconomy (output, inflation and unemployment …

employ global public and private credit components of Herwartz, Ochsner, and Rohloff (2021) in factor-augmented vector …-autoregressions to trace credit shocks through the real economy (output, inflation and unemployment). Specifically, two components of … global credit boost the business cycle and lower unemployment in the short-run, namely government credit demand and business …

conditions, credit default and bank capitalization for the transmission of macroeconomic shocks. We fit the model to euro area … credit spreads to monetary policy shocks. …

This paper studies episodes in which aggregate bank credit contracts alongside expanding economic activity—credit …--on average, they occur every five years. By comparison, banking crises take place every eight years on average. Credit reversals …

The purpose of this study is to investigate the link between bank credit standards (CS hereafter) and business cycle …