Is there a link between loose monetary conditions, credit growth, house price booms, and financial instability? This … paper analyzes the role of interest rates and credit in driving house price booms and busts with data spanning 140 years of …

effects of monetary policy shocks on house prices and consumption in a sample of OECD countries. With frictionless credit …

This paper compares the behavior of Euro-Area (EA) banks’ credit and reserves with those of US banks following … substantially higher than previously believed, in the EA). The paper shows that, although the behavior of banks’ credit following … differences in the relative importance of banking credit within the total amount of credit intermediated through banks and bond …

implications of 122 recessions, 112 (28) credit contraction (crunch) episodes, 114 (28) episodes of house price declines (busts … the severity and duration of recessions. Specifically, we find evidence that recessions associated with credit crunches …

deleveraging) cycle cannot be accounted for by the liberalization, and subsequent tightening, of credit standards in mortgage … the model, the credit cycle is more likely due to factors that impacted house prices more directly, thus affecting the … availability of credit through a collateral channel. In either case, the macroeconomic consequences of leveraging and deleveraging …