provides some new evidence on the drivers of the great moderation and analyses the banking sector's pro-cyclicality by using …

In U.S. data 1981–2012, unsecured firm credit moves procyclically and tends to lead GDP, while secured firm credit is … acyclical; similarly, shocks to unsecured firm credit explain a far larger fraction of output fluctuations than shocks to … secured credit. In this paper we develop a tractable dynamic general equilibrium model in which unsecured firm credit arises …

the credit channel via the financial accelerator mechanism. The results show that tax evasion is pro cyclical and …

This paper proposes a theoretical framework to analyze the impacts of credit and technology shocks on business cycle … financial institutions in the transmission of credit and technology shocks to the real economy. A positive credit shock, defined … between loan and deposit rates. The effects of the credit shock tend to be highly persistent even without price rigidities and …

Why do advanced economies fall into prolonged periods of economic stagnation, particularly in the aftermath of credit … that financially more deregulated economies are more likely to experience persistent stagnation. In the short run, credit …

theory are in line with a number of empirical results, which seem to stay in contrast to existing theories on capital …

This paper analyzes the strikingly different response of unemployment to the Great Recession in France and Spain. Their … France, unemployment rate has increased by 2 percentage points, whereas in Spain it has shot up to 19% by the end of 2009. We … contracts and the less restrictive rules regarding the use of the latter contracts in Spain. Using a calibrated search and …