type of shock. Expansionary securitization shocks lead to a permanent rise in real GDP and a fall in inflation. Bank …

-specific foreign output variable to capture direct inter-country linkages. In accord with the theory all variables are measured as … restrictions implied by the NK theory. The multi-country DSGE NK model is then solved to provide estimates of identified supply … through error spillover effects. Bootstrapped error bands are also provided for the cross country responses of a shock to the …

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 …

that a shock to the net flow from unemployment to employment drive the unemployment rate and the participation rate in … opposite directions while a shock to the net flow from not in the labour force to unemployment drives the rates in the same …