serious difficulties for stabilization policy. This paper investigates whether the credit-to-GDP ratio gap, which has been …-post revisions to the U.S. credit-to-GDP ratio gap are sizable and as large as the gap itself, and that the main source of these …

A growing body of literature has highlighted two important caveats to the credit-to-GDP gap as advocated by the Bank … for International Settlements (BIS). The first relates to the approach used to normalise credit (i.e., dividing nominal … credit by GDP). In this regard, critics have argued that a normalised measure of credit runs the risk of being affected by …

question, we identify the compositional changes in banks' supply of credit using the variation in their holdings of residential …

question, we identify the compositional changes in banks' supply of credit using the variation in their holdings of residential …