redistribution shock: a small sector of the economy -- borrowers who use their home as collateral -- defaults on their loans. When … recapitalizing or by deleveraging. By deleveraging, banks transform the initial shock into a credit crunch, and, to the extent that … some firms depend on bank credit, amplify and propagate the shock to the real economy. I find that redistribution and other …

after the shock; ii) In every otherwise reasonable identification, monetary policy shocks lead to large uncovered interest …

shock if it results in smaller deviations of the variable from its target value. Some familiar results regarding the ranking … rankings may depend both on the type of shock and on which variable is the target variable. However, it may be somewhat …