This paper investigates whether output and inflation respond asymmetrically to credit shocks in the euro area. The … effects related to credit conditions in the economy. Consistent with this finding, the impulse responses show some signs of …

credit view literature. The model postulates complete quantity crowding out. It is subjected to empirical tests, which were …

firms accelerate, loan growth. We find that small firms increase trade credit, a substitute credit, indicating a strong loan …-desirable alternative. Using trade credit is propitious since unlike commercial paper (investigated by previous researchers), it is widely … used by the small firms suffering the loan decline. Surprisingly, we also find large firms increase trade credit, a puzzle …

This paper addresses the credit channel in Germany by using aggregate data. We present a stylized model of the banking …. Evidence in support of the credit channel can be reported. …