effects are larger for industries selling most of the industry output to end-consumers compared to other industries. We find …

markets, and has a positive impact on economic activity and prices. The effects on bank lending and output are smaller in the … crisis within a structural VAR framework. An expansionary balance sheet shock stimulates bank lending, stabilizes financial …

policy shock leads to a persistent fall in international output, a drop in global inflation rates, a rise in international … shock to foreign real GDP growth …

-type staggered price setting approach, which means that the adjustment of the aggregate loan rate to a monetary policy shock is …

-specific models include a Phillips curve determining inflation, an IS curve determining output, a Taylor Rule determining interest …-specific foreign output variable to capture direct inter-country linkages. In accord with the theory all variables are measured as …. We discuss estimation of impulse response functions and variance decompositions in such large systems, and present …

policy innovations account for more than 30 percent of U.S. output variation. The dynamic effects, however, depend on the … type of shock. Expansionary securitization shocks lead to a permanent rise in real GDP and a fall in inflation. Bank …

heterogeneity in price stickiness, sector size, and input-output linkages. We calibrate a 341 sector version of the model to the …