Aggregate US bank lending to firms expands following several adverse macroeconomic
shocks, such as the outbreak of COVID-19 or a monetary policy tightening. Using loan-level …

This paper surveys the theoretical and empirical literature on the macroeconomic
implications of financial imperfections. It focuses on two major channels through which …

The financial crisis has refocused attention on money and credit fluctuations, financial crises,
and policy responses. We study the behavior of money, credit, and macroeconomic …

During the recent financial crisis, corporate borrowing and capital expenditures fall sharply.
Most existing research links the two phenomena by arguing that a shock to bank lending (or …

This paper shows that new loans to large borrowers fell by 47% during the peak period of
the financial crisis (fourth quarter of 2008) relative to the prior quarter and by 79% relative to …

The book takes a broad view of the subject matter of acroeconomics. A substantial portion of
the book is devoted to economic growth, and separate chapters are devoted to the natural …

This paper analyzes the interactions between business and financial cycles using an
extensive database covering 44 countries for the period 1960: 1–2010: 4. Our analysis …

Using a supplier–client matched sample, we study the effect of the 2007–2008 financial
crisis on between-firm liquidity provision. Consistent with a causal effect of a negative shock …

We study the sensitivity of credit supply to bank financial conditions in 16 emerging
European countries before and during the financial crisis. We use survey data on 10,701 …

This paper examines the broader effects of the US financial crisis on global lending to retail
customers. In particular we examine retail bank lending in Germany using a unique data set …