govern the unobserved process driving financial shocks to the leverage ratio, the responses of output and other aggregates … data on leverage, debt-to-GDP and land value-to-GDP ratios for 1996Q1-2008Q4, learning amplifies leverage shocks by a … factor of about three, relative to rational expectations. When fed with actual leverage innovations observed over that period …

determinant variables in banks' risk taking since the beginning of the years 2000. …

This paper establishes a link between deforestation and credit cycles in Latin American countries. The latter exhibit … rapid deforestation rates as well as macroeconomic instability that is often rooted in credit booms and crunches episodes … measures of credit cycles are calculated as well. The main output of the paper is to evidence a link between credit cycles and …

what a central bank could have done to improve the reaction of the economy to the financial bubble. We study by means of a … fi nancial accelerator DSGE model the dynamics of our economy when the central bank has, fi rst, only traditional … actions of the central bank would have remained limited by the use of a single instrument, the interest rate. …

explore the relationship between these variables, we develop a macroeconomic model with firms that are subject to both credit …

Money, Credit and Banking 39, 357-1373] as data generating process. Overall, Monte Carlo simulations show that the efficient …

economies' central banks and have raised the question of how monetary authorities should react to such external relative price … banks should target headline inflation rather than non-food inflation. This result holds because non-tradable food …

undercapitalized banks have less incentives to reduce their operational risk exposure. We view operational risk charge as a tool to …