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 …

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 …

Current empirical methods to identify and assess the impact of bank credit supply shocks rely strictly on multi … economy and most prone to credit supply shocks. We propose and underpin an alternative demand control (using industry …-location-size-time fixed effects) that allows identifying timevarying cross-sectional bank credit supply shocks using both single- and multi …

persons based on a core set of harmonised concepts and definitions. Starting with reference data from September 2018, credit …) individual credit exposures falling within the reporting scope. The reporting framework is the outcome of in-depth discussions … Regulation, AnaCredit will, already in Stage 1, significantly enhance the value for analysis on credit and credit risk in the …

Economists have long debated the relationship of bank credit to the business cycle. The attribution of economic cycles … rejects this notion and argues that the "pyramid of credit" plays a fundamental role not only in stabilizing economic activity …

This paper uses a unique dataset where credit rejections experienced by euro area firms are matched with firm and bank … characteristics. This allows us to study simultaneously the role that bank and firm weakness had in the credit reduction observed in … the euro area during the sovereign debt crisis, and in credit developments characterising the post-crisis recovery …

persons based on a core set of harmonised concepts and definitions. Starting with reference data from September 2018, credit …) individual credit exposures falling within the reporting scope. The reporting framework is the outcome of in-depth discussions … Regulation, AnaCredit will, already in Stage 1, significantly enhance the value for analysis on credit and credit risk in the …

credit growth is used to capture cyclical exuberance and calibrate buffer requirements, it depends on potentially … heterogeneous dynamics on the borrower and lender sides. By decomposing credit growth into a common component and components … capturing heterogeneity in supply and demand à la Amiti and Weinstein, 2018 applied on the euro area credit register ("AnaCredit …

the period 2003Q1-2019Q4 with a special emphasis on credit conditions. With the help of this model, monetary policy … determining the relative weight of these states over time. We show that shocks to the credit spread and shocks to credit standards … directly lead to a reduction of real GDP growth, whereas shocks to the quantity of credit are less important in explaining …