Footnote:
Nach Informationen von SSRN wurde die ursprüngliche Fassung des Dokuments July 11, 2022 erstellt
Description:
Secured and unsecured credit composition differently affects the business cycle. US credit accounts are decomposed considering secured and unsecured contracts for businesses and households and their sample correlations with real activity compared to the conditional evidence from an estimated structural model. Secured and unsecured credit shocks are identified using a mixed point/set identification strategy. Contrary to unconditional patterns, results show that leverage shocks are procyclical and contribute to output variability more than unsecured credit shocks. This holds for both the business and household sectors, highlighting the role of the collateral channel in the transmission of credit shocks. Furthermore, collateralized credit demand shocks prevail over supply shocks in explaining the observed leverage procyclicality on impact