employ global public and private credit components of Herwartz, Ochsner, and Rohloff (2021) in factor-augmented vector …-autoregressions to trace credit shocks through the real economy (output, inflation and unemployment). Specifically, two components of … global credit boost the business cycle and lower unemployment in the short-run, namely government credit demand and business …

credit demandand supply shocks at hand, we estimate the marginal effects of identified componentsof global liquidity on 43 … focus on the sectoralorigins (i.e. public vs. private) of credit demand/supply components, and rely on factoraugmented … vector-autoregressions to trace disaggregated credit shocks through the realeconomy (output, inflation and unemployment …

This paper uses a unique dataset where credit rejections experienced by euro area firms are matched with firm and bank … characteristics. This allows us to study simultaneously the role that bank and firm weakness had in the credit reduction observed in … the euro area during the sovereign debt crisis, and in credit developments characterising the post-crisis recovery …

impact of bank credit supply frictions on firm performance. I exploit differences in the composition of banks' liabilities … structure during the financial crisis of 2007-2009 as a source of exogenous variation in the availability of bank credit to … nonfinancial firms, in order to identify the causal relationship between bank credit supply and firm performance, measured by firms …

of a financial shock on the labor market, focusing on the US. Our results indicate that a tightening of financial … during periods of expansion. The source of this asymmetry is the time-varying standard deviation of the identified shock …

variables to analyze the effects of a financial shock, focusing on the US. Our results point out that a tightening of financial … throughout expansion periods. The source of this asymmetry is the time-varying standard deviation of the identified shock, which …

and employment. In contrast, standard credit shocks produce a positive relationship. A calibrated version of the model …

the lens of a simple real business cycle model augmented with financial shocks. A credit channel that operates on firm …

What explains the post-crisis slowdown in bank credit to private sector in the South-East European economies? We try to … answer this question, by comparing the actual credit growth to the fundamental and equilibrium growths. The fundamental … economy being in medium-term equilibrium. Results suggest that the slowdown reflects both return of the credit activity to its …