We study the impact of competition in the banking sector on the emergence of endogenous
cycles driven by self-fulling volatile expectations. We consider an OLG model with two …

We explore the business-cycle implications of agency problems between firms and
financiers. We show how these problems create liquidity shortages that can lead to …

This paper presents a critical review of the Costly State Verification framework starting from
the basic model by Gale and Hellwig [Review of Economic Studies 52 (1985) 647] and …

We study the possible asymmetric effect of monetary policy on house prices under different
credit regimes. We first derive the implications of a theoretical model in which agents may be …

This paper investigates the empirical relationship between credit and output in Peru. The
analysis is based on the estimation of vector error correction models and the identification of …

This paper proposes a model of Schumpeterian endogenous growth incorporating the role
of market imperfections that exist due to adverse selection between investors that finance …

In this article, we analyse the asymmetric causality linkages between credit growth and
output growth during banking crises. We employ a recently developed procedure, based on …

We examine the dynamics of bank lending to the private sector for countries of the Euro area
by applying a Markov switching error correction model. We identify for Belgium, Germany …