The market for corporate credit is characterized by significant seasonal variation, both in interest rates and the …

The 'credit channel' theory of monetary policy transmission holds that informational frictions in credit markets worsen … components to monetary policy shocks and describe how the credit channel helps explain the facts. We discuss two main components … credit aggregates are not valid tests of this theory …

This paper studies the transmission of the Global Financial Cycle (GFC) to domestic credit market conditions in a large … emerging market, Turkey, over 2003–13. We use administrative data covering the universe of corporate credit transactions …

We study the behavior of credit and output across a financial crisis cycle using in- formation from credit spreads and … credit growth. We show the transition into a crisis occurs with a large increase in credit spreads, indicating that crises … of credit losses (change in spreads) coupled with the fragility of the financial sector (as measured by pre-crisis credit …

We study the business cycle consequences of credit supply expansion in the U.S. The 1980's credit boom resulted in … stronger credit expansion in more deregulated states, and these states experience a more amplified business cycle. A new test … greater exposure to credit expansion experience larger increases in household debt, the relative price of non-tradable goods …

A growing literature shows that credit indicators forecast aggregate real outcomes. While researchers have proposed … simple, frictionless, model explains empirical findings commonly attributed to credit cycles. Our key assumption is that … firms have heterogeneous exposures to underlying economy-wide shocks. This leads to endogenous dispersion in credit quality …

In advanced economies, a century-long near-stable ratio of credit to GDP gave way to rapid financialization and surging …