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Keywords:Credit 

Journal Article
The Minsky cycle in action: but why?

Quarterly Review , Volume 18 , Issue Spr , Pages 37-39

Journal Article
Monetary policy in the 2008-2009 recession

The recession that began with a cyclical peak in December 2007 originated in a combination of real shocks because of a fall in housing wealth and a fall in real income from an increase in energy prices. The most common explanation for the intensification of the recession that began in the late summer of 2008 is the propagation of these shocks through dysfunction in credit markets. The alternative explanation offered in this article emphasizes propagation through contractionary monetary policy. The first explanation stresses the importance of credit-market interventions (credit policy). The ...
Economic Quarterly , Volume 95 , Issue Spr , Pages 201-233

Journal Article
Money supply, credit expansion, and housing price inflation

Credit and M2 may be driven simultaneously as part of a broader financial intermediation process; a common underlying factor may be the interest rate
Economic Synopses

Working Paper
Self-fulfilling credit cycles

This paper argues that self-fulfilling beliefs in credit conditions can generate endoge- nously persistent business cycle dynamics. We develop a tractable dynamic general equi- librium model in which heterogeneous firms face idiosyncratic productivity shocks. Capital from less productive firms is lent to more productive ones in the form of credit secured by collateral and also as unsecured credit based on reputation. A dynamic complemen- tarity between current and future credit constraints permits uncorrelated sunspot shocks to trigger persistent aggregate fluctuations in debt, factor ...
Working Papers , Paper 2012-047

Journal Article
Modeling credit risk for commercial loans

FRBSF Economic Letter

Working Paper
Creditor recovery: the macroeconomic dependence of industry equilibrium

This paper reconciles industry conditions with the state of the economy in driving asset liquidation values and, therefore, recovery rates on defaulted debt securities. Macroeconomic effects matter but they operate differentially at the industry level.
Research Working Paper , Paper RWP 13-06

Briefing
Small business lending during the recession

Access to credit enables businesses to smooth income streams and take advantage of growth opportunities. Without credit, a business may be forced to cut production or restrain growth. If credit constraints affect businesses across economic sectors, the result could be widespread declines in production and employment. Since the recession started in 2007, there has been a growing concern that small businesses may lack adequate access to credit. This Economic Brief examines the complexity of small business credit issues
Richmond Fed Economic Brief , Issue Feb

Journal Article
Can a \\"credit crunch\\" be efficient?

Two observations have sometimes been viewed as evidence that the equilibrium allocations of intermediated credit markets are inefficient. First, low-income households' marginal propensity to consume is close to unity. Second, even high-income households seem to face nonprice constraints during recessions. This paper presents a model that possesses both of these features. (A recession is modeled as an economy in which the equilibrium level of investment is at its lowest possible level.) However, contrary to the conventional view, the equilibrium of this model is ex ante efficient. The model ...
Quarterly Review , Volume 15 , Issue Fall , Pages 3-17

Conference Paper
Bank capital requirements and incentives for lending

Proceedings , Issue Mar

Journal Article
Credit exclusion in quantitative models of bankruptcy: does it matter?

Economic Quarterly , Volume 92 , Issue Win , Pages 17-49

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