(WDN3) of the ESCB, to propose a cross-country analysis of the relationship between a credit shock and labour markets. We … first derive a set of indices measuring difficulties in accessing the credit market for the period 2010-2013. Second, we … provide a description of the relationship between credit difficulties and changes in labour input, both along the extensive …

credit market for the period 2010-13. Second, we provide a description of the relationship between credit difficulties and … correlation between credit difficulties and adjustments along both the extensive and the intensive margin. In the presence of … credit market difficulties, firms cut wages by reducing the variable part of wages. This evidence suggests that credit shocks …

changes in financial intermediaries' balance sheets for the supply of credit, liquidity and asset prices, and, consequently …

financial sector and factors that explain why these strains lead to system-wide contagion and a possible credit crunch. Most of … within the financial system and a potential credit crunch, ad hoc financial crisis management is required. We draw on …

This paper endeavours to illustrate the consequences of a credit squeeze by inserting a standard model of retail banks …

We analyze the interaction between credit and asset prices in the transmission of shocks to the real economy. We … business cycle and which captures periods of very low real credit growth at the end of recessions. However, during this regime … credit markets and asset price markets do not impede economic recovery. In the other regime, we do find a procyclical effect …

, (ii) credit supply and (iii) housing demand shocks on the housing market and the broader economy. We find that … clearcut for housing demand shocks. We also find that credit supply shocks matter more in the euro area. …