In U.S. data 1981–2012, unsecured firm credit moves procyclically and tends to lead GDP, while secured firm credit is … acyclical; similarly, shocks to unsecured firm credit explain a far larger fraction of output fluctuations than shocks to … secured credit. In this paper we develop a tractable dynamic general equilibrium model in which unsecured firm credit arises …

The consensus that changes in the supply of credit were irrelevant to making monetary policy decisions existed among … supply of credit, however, played an important role in the recent U.S. financial crisis. This paper explores the extent to … which policymakers should consider changes in the supply of credit when making forecasts and monetary policy decisions. More …

A growing literature shows that credit indicators forecast aggregate real outcomes. While the literature has proposed … simple, frictionless, model explains empirical findings commonly attributed to credit cycles. Our key assumption is that … firms have heterogeneous exposures to underlying economy-wide shocks. This leads to endogenous dispersion in credit quality …

In U.S. data 1981–2012, unsecured firm credit moves procyclically and tends to lead GDP, while secured firm credit is … acyclical; similarly, shocks to unsecured firm credit explain a far larger fraction of output fluctuations than shocks to … secured credit. In this paper we develop a tractable dynamic general equilibrium model in which unsecured firm credit arises …

lending standards' significant role in explaining the dynamics of domestic credit conditions. Changes in lending attitudes … through this lens of UMPs, we see that expansionary monetary policy led to a lowering of domestic credit standards which …

and the change in the VIX index on release days to identify a pure credit supply shock and a risk-taking shock using sign … the VIX, the excess bond premium and stock prices decrease after a pure credit supply shock, they increase after a risk …

This paper investigates whether output and inflation respond asymmetrically to credit shocks in the euro area. The … effects related to credit conditions in the economy. Consistent with this finding, the impulse responses show some signs of …

This study examines empirically the information content of the euro area Bank Lending Survey for aggregate credit and … leading indicator for euro area bank credit and real GDP growth. Notwithstanding the short history of the survey, the findings … also suggest that price as well as non-price conditions and terms of credit standards do matter for credit and business …

This study examines empirically the information content of the euro area Bank Lending Survey for aggregate credit and … leading indicator for euro area bank credit and real GDP growth. Notwithstanding the short history of the survey, the findings … also suggest that price as well as non-price conditions and terms of credit standards do matter for credit and business …