the shock measure as the exogenous variable in a VAR-X model with growth in real GDP, inflation, growth in bank lending … the shock. The effects are asymmetric, with tightenings having larger effects than easings. Using the shocks as an …

This paper quantifies and assesses the impact of an adverse loan supply (LS) shock on Peru's main macroeconomic … restrictions. The main results indicate that an adverse LS shock: (i) reduces credit and real GDP growth by 372 and 75 basis points … identification schemes with sign restrictions; and that an adverse LS shock has a greater impact on non-primary real GDP growth. …

, further amplifying the shock's impact. We offer empirical evidence supporting this mechanism by utilizing two sources of … Payments (EIP) to quantify the local aggregate demand shock stemming from pandemic-related fiscal relief. Bank-level analysis … magnitude of the EIP-related demand shock. Additionally, state-level evidence suggests increases in credit expansion and house …