amplify and propagate a macroeconomic shock. We focus on the US Great Recession of 2007–09 and proceed in two steps. First … an aggregate shock, and it does so if the distribution features a sufficiently large fraction of households with very …

framework starts by discerning driving forces set in motion by the initial shock. These are higher discounts applied by decision … institutions. The next step is to study how driving forces influence general equilibrium, both at the time of the initial shock and … later as its effects, persist. Some of the effects propagate the effects of the shock—they contribute to poor performance …

structural concept based on shock identification and therefore does not need any - often rather arbitrary - statistical filtering … ; semantic cross validation ; shock identification …