mechanism of the Eurosystem's credit support policies since the start of the crisis. First, we show that these policies have … indeed been succesful in stimulating the credit flow of banks to the private sector. Second, we find support for the “bank … responded more to the credit support policies of the Eurosystem as a result of more favourable size, retail and liquidity …

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 …

beyond other better-known early warning indicators, such as credit booms. This predictive power, however, only holds in … the short-term popularity benefits of weak credit booms rather than implementing politically costly corrective policies …

others blow over. We demonstrate that what makes some bubbles more dangerous than others is credit. When fueled by credit … slower recoveries. Credit-financed housing price bubbles have emerged as a particularly dangerous phenomenon …

This paper presents a micro data approach to the identification of credit crunches. Using a survey among German firms … which regularly queries the firms' assessment of the current willingness of banks to extend credit we estimate the … probability of a restrictive credit supply policy by time taking into account the creditworthiness of borrowers. Creditworthiness …

-run liquidity effect after an interest rate innovation, that is additional bank loans are generated by a greater credit multiplier …

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