Using a unique dataset of the Euro-area and the US bank lending standards, we find that
low (monetary policy) short-term interest rates soften standards for household and corporate …

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 …

Monetary policy has real effects through credit supply and demand, and since these
changes are mostly unobserved, the complete identification of the credit channel is …

We construct credit risk indicators for euro area banks and non‐financial corporations.
These indicators reveal that the financial crisis of 2008 dramatically increased the cost of …

We use a dynamic general equilibrium model featuring a banking sector to assess the
interaction between macroprudential policy and monetary policy. We find that in “normal” …

The recent years have been prolific in terms of development of new measures of firms'
financial constraints. This paper surveys the main strategies proposed. Additionally, we …

This paper reviews the empirical relationships between credit growth, economic recovery,
and bank profitability in Europe after the global financial crisis (GFC). We find that the post …

We examine the implications of the sovereign debt tensions on the Italian credit market by
estimating the effect of the 10-year BTP-Bund spread on a wide array of bank interest rates …

A substantial literature has investigated the role of relationship lending in shielding
borrowers from idiosyncratic shocks. Much less is known about how lending relationships …

In this paper we argue that tax enforcement is an additional contextual factor affecting tax
morale, one of the most important determinants of tax compliance. By using a unique dataset …