account for 12% of GDP variance and real house prices for 9%). Shocks to the term spread or to leverage (credit-to-GDP ratio …

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 …

This paper unveils a new resource for macroeconomic research: a long-run dataset covering disaggregated bank credit for …

-run historical work has uncovered a range of important stylized facts concerning financial instability and the role of credit in …

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 …

, raising credit terms to their borrowers. The picture that emerges from these findings looks less like a traditional bank run … of depositors and more like a credit crunch among dealer banks. …