Results 11 to 20 of about 3,985,832 (340)
Staff Reports (Federal Reserve Bank of New York)Do global credit conditions affect local credit and business cycles? Using a large cross-section of equity and corporate bond market returns around the world, we construct a novel global credit factor and a global risk factor that jointly price the ...
Nina Boyarchenko, Leonardo Elías
semanticscholar +3 more sources
Credit Cycles and Macro Fundamentals [PDF]
Journal of Empirical Finance, 2009 We study the relation between the credit cycle and macro economic fundamentals in an intensity based framework. Using rating transition and default data of U.S. corporates from Standard and Poor’s over the period 1980–2005 we directly estimate the credit
André Lucas +3 more
core +6 more sources
Finance and Economics Discussion Series, 2019 We find that that the Current Expected Credit Loss (CECL) standard would slightly dampen fluctuations in bank lending over the economic cycle. In particular, if the CECL standard had always been in place, we estimate that lending would have grown more ...
Bert Loudis, Benjamin Ranish
semanticscholar +2 more sources
Credit Search and Credit Cycles [PDF]
SSRN Electronic Journal, 2015 zbMATH Open Web Interface contents unavailable due to conflicting licenses.
Dong, Feng, Wang, Pengfei, Wen, Yi
openaire +4 more sources
Endogenous Credit Cycles [PDF]
Journal of Political Economy, 2011 We study models of credit with limited commitment, which implies endogenous borrowing constraints. We show that there are multiple stationary equilibria, as well as nonstationary equilibria, including some that display deterministic cyclic and chaotic dynamics.
Chao Gu, Randall Wright
openaire +7 more sources
Journal of Political Economy, 1995 Abstract This chapter is a theoretical study into how credit constraints interact with aggregate economic activity over the business cycle. In particular, for an economy in which credit limits are endogenously determined, we investigate how relatively small, temporary shocks to technology or income distribution might generate large ...
Nobuhiro Kiyotaki, John Moore
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SSRN Electronic Journal, 2021 We embed diagnostic expectations in a workhorse neoclassical model with heterogeneous firms and risky debt. A realistic degree of overreaction estimated from US firms’ earnings forecasts generates realistic credit cycles. Good times produce economic and financial fragility, predicting future disappointment of expectations, low bond returns, and ...
Bordalo, Pedro +3 more
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Heliyon, 2022 This paper takes the A-share listed companies that issued credit bonds from 2010 to 2021 as the sample to test the probability and degree of credit rating change throughout the enterprise life cycle using the ordered logit and breakpoint regression ...
Yan Huo, Bangming Gong
doaj +1 more source
Journal of Open Innovation: Technology, Market and Complexity, 2020 This paper examines the sensitivity of firms’ R&D expenditures to being externally financial constrained to undertake innovation projects, considering that being constrained is endogenous.
Juan Laborda +2 more
doaj +1 more source
Business, housing, and credit cycles [PDF]
Journal of Applied Econometrics, 2016 SummaryWe use multivariate unobserved components models to estimate trend and cyclical components in gross domestic product (GDP), credit volumes, and house prices for the USA and the five largest European economies. With the exception of Germany, we find large and long cycles in credit and house prices, which are highly correlated with a medium‐term ...
Rünstler, Gerhard, Vlekke, Marente
openaire +2 more sources