This paper examines the relationship between house prices and consumption, through the use of debt. Using unique Canadian household-level data that reports the uses of de[...]

This paper presents a general equilibrium model with endogenous collateral constraints to study the relationship between financial development and business cycle fluctuat[...]

This paper examines the contributions of population aging, mortgage innovation and historically low interest rates to the sharp rise in U.S. house prices and mortgage deb[...]

This paper proposes a theoretical framework to analyze the relationship between credit shocks, firm defaults and volatility, and to study the impact of credit shocks on b[...]

A large body of empirical literature investigates differences in financing structures across firms. Private firms’ financing receives little attention due to the lack of [...]

We propose a drifting-coefficient model to empirically study the effect of money on output growth in Canada and to examine the role of prevailing financial conditions for[...]

This paper examines the role of bank credit in modeling and forecasting business cycle fluctuations, and investigates the international transmission of US credit shocks, [...]

This paper studies the welfare effects of different credit arrangements and how these effects depend on the trading mechanism and inflation. In a competitive market, a de[...]

I study an economy in which money and credit coexist as means of payment and the settlement of credit requires money. The model extends recent developments in microfounde[...]

The author proposes a micro-founded framework that incorporates an active banking sector into a dynamic stochastic general-equilibrium model with a financial accelerator.[...]