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 …

macroeconomically relevant increase in lending by commercial government banks. Using credit registry data, we find that this … intervention led to a reduction in lending rates, but it did not lead to a change in private banks' credit supply. Firms reliant on … intervention. At the regional level, we find that branch presence cannot explain credit growth due to cross-market borrowing. Once …

to have a significant effect on economic activity and credit market variables, but to some extent also inflation, in all …

This paper integrates a money and credit market into a static approximation of the baseline New Keynesian model based … on a money-and-credit-in-the-utility approach, in which real balances and borrowing contribute to the household’s utility … the banking sector. Our approach gives rise to a credit channel, in which current and expected future interest rates on …

credit offered to firms, and requiring the intermediaries to raise further funds by paying the cost to issue equity. This … are characteristic of the credit crunches observed in the data. …

to bank loans, such as financing via equity, debt securities, trade credit and lending from non-banks. We investigate …-bank loans to be substitutes for bank loans with negative responses to a positive loan supply shock while trade credit is a …. Quantitatively, the developments in bank loans and trade credit dominate the response of the overall sum of the external financing …

of sticky bank-firm relationships, estimate its structural parameters in euro area credit register data, and infer …

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 …