We explore the structural drivers of bank and nonbank credit cycles using an estimated medium-scale macro model that … potentially drive bank and nonbank credit growth. We find that sectoral shocks affecting the balance sheets of entrepreneurs who … borrow from the financial sector are important for the business cycle frequency fluctuations in bank and nonbank credit …

shock to one firm affects its ability to make payments to its suppliers. The credit linkages between firms propagate … network model of the economy in which trade in intermediate goods is financed by supplier credit. In the model, a financial …-industry credit flows from firm- and industry-level data. I then estimate aggregate and idiosyncratic shocks to industries in the US …

reduce bank returns and tighten credit conditions for borrowers, constraining investment and growth. The effects are larger …We study the transmission of financial shocks across borders through international bank connections. Using data on … cross-border interbank loans among 6,000 banks during 1997-2012, we estimate the effect of asset-side exposures to banks in …

the Great Recession can be explained by reductions in the supply of mortgage credit. I construct a mortgage credit supply …

We investigate the cyclical properties of non-bank credit and its relevance for financial stability. We construct a … measure of non-bank credit for a large sample of countries and find that its cyclical properties differ from those of bank … credit. Non-bank credit cycles are highly correlated with bank credit cycles in some countries but not in others. Moreover …