financial institutions in the transmission of credit and technology shocks to the real economy. A positive credit shock, defined … between loan and deposit rates. The effects of the credit shock tend to be highly persistent even without price rigidities and …

. We discuss estimation of impulse response functions and variance decompositions in such large systems, and present … through error spillover effects. Bootstrapped error bands are also provided for the cross country responses of a shock to the …

the shock. In particular, we find that adverse shocks to Iranian oil output are neutralized in terms of their effects on … contrast, a negative shock to oil supply in Saudi Arabia leads to an immediate and permanent increase in oil prices, given that … supply shock has significant adverse effects for the global economy with real GDP falling in both advanced and emerging …

structural models in the general case where the model might contain more than one permanent structural shock. It provides a …

Carlo experiments, where we also study the estimation of the aggregate effects of micro and macro shocks. The paper …

an application to the estimation of panel data models with an infinite number of weak factors and a finite number of …

policy shock, we also consider oil price, US equity and US real output shocks …

approach can be applied to estimation of a variety of models such as spatial and dynamic panel data models. In this paper we …