Many economic time series exhibit dramatic breaks associated with events such as
economic recessions, financial panics, and currency crises. Such changes in regime may …

The severity and longevity of the recession caused by the 2007 financial crisis has
highlighted the lack of a reliable macro-based financial regulation framework. As a …

We present evidence of a risk‐taking channel of monetary policy for the US banking system.
We use confidential data on banks' internal ratings on loans to businesses over the period …

We identify the effects of monetary policy on credit risk‐taking with an exhaustive credit
register of loan applications and contracts. We separate the changes in the composition of …

Modelling based on finite mixture distributions is a rapidly developing area with the range of
applications exploding. Finite mixture models are nowadays applied in such diverse areas …

This paper links the US subprime mortgage crisis to demand‐side factors that contributed to
the rapid expansion of the US mortgage market. We show that denial rates were relatively …

This paper finds strong empirical support of a positive, although quite lagged, relationship
between rapid credit growth and loan losses. Moreover, it contains empirical evidence of …

We examine how the informational structure of loan markets interacts with banks' strategic
behavior in determining lending standards, lending volume, and the aggregate allocation of …

Identifying macroeconomic effects of credit shocks is difficult because many of the same
factors that influence the supply of loans also affect the demand for credit. Using bank-level …

The savings/investment process in capitalist economies is organized around bank-like
financial intermediaries (“banks”), making them a central institution of economic growth …