" The author presents a comprehensive discussion of the outcomes of empirical research
along with an extensive survey of the literature and a discussion of the methods used, since …

The recovery from the last recession has been slower than any other recovery in the post-
WWII period both in the US and in many other advanced economies. There is an ongoing …

One of the most familiar empirical stylized facts about output dynamics in the United States is
the positive autocorrelation of output growth. This paper shows that positive autocorrelation …

We develop an endogenous growth model in which both investment and consumption are
financed through credit markets. Our innovation is to consider both credit markets jointly …

We provide a unified framework with demand for housing over the life cycle and financial
frictions to analyze the existence and macroeconomic effects of rational housing bubbles …

We analyze financial collapses, such as the one that occurred during the US Great
Depression, from the perspective of a monetary model with multiple equilibria. The …

Although credit availability is essential for economic growth, the information asymmetry
problem inhibits the credit creation function of financial institutions. Among other means …

We develop a framework in which change in lending standards generate endogenous
cycles. In particular, we study an environment in which entrepreneurs need to borrow and …

We estimate Markov switching vector autoregressive systems for loans to firms and loans to
households to investigate their relationship to interest rates and investment and …

Using a panel of Austrian bank data we show that the lending decisions of the smallest
banks are more sensitive to interest rate changes, and that for all banks, sensitivity changes …