and the change in the VIX index on release days to identify a pure credit supply shock and a risk-taking shock using sign … the VIX, the excess bond premium and stock prices decrease after a pure credit supply shock, they increase after a risk …-taking shock. …

This paper contributes to a better understanding of the important role that credit demand plays for credit markets and … structural credit demand equation together with credit supply, aggregate supply, demand and monetary policy in a Bayesian … identification. In order to improve identification of the credit demand shocks, I construct a new granular instrument from regional …

A growing literature shows that credit indicators forecast aggregate real outcomes. While the literature has 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 …

the period 2003Q1–2019Q4 with a special emphasis on credit conditions. With the help of this model, monetary policy … determining the relative weight of these states over time. We show that shocks to the credit spread and shocks to credit standards … directly lead to a reduction of real GDP growth, whereas shocks to the quantity of credit are less important in explaining …

the period 2003Q1-2019Q4 with a special emphasis on credit conditions. With the help of this model, monetary policy … determining the relative weight of these states over time. We show that shocks to the credit spread and shocks to credit standards … directly lead to a reduction of real GDP growth, whereas shocks to the quantity of credit are less important in explaining …

the period 2003Q1-2019Q4 with a special emphasis on credit conditions. With the help of this model, monetary policy … determining the relative weight of these states over time. We show that shocks to the credit spread and shocks to credit standards … directly lead to a reduction of real GDP growth, whereas shocks to the quantity of credit are slightly less important in …

lenders adjust their bid and ask schedules, or equivalently, the credit demand and supply surfaces for debt contracts with … different interest rates and loan-to-value ratios. The tangent point between the two credit surfaces maximizes the gains from …

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

and therefore the firm’s ability to borrow, in the presence of credit market imperfections. How the business cycle is … the topic of this paper. We find that the fluctuations in the supply of credit that result from this may significantly … Cycles ; Credit Market Imperfections ; Loan Supply …

loan portfolios, allow for interbank trading and show how a credit bubble can develop from a financial innovation. We then …