output) shortly after a monetary policy shock. To overcome this problem, we propose to estimate the VAR parameters under the … "almost recursively identified approach with parameter restrictions" leads to a solution that avoids an estimation bias …

large parts of the world. In this paper we explore the financial and the trade channel in a unified framework and quantify …

, China in practice banned imports of Norwegian salmon. The ban was an unexpected trade shock to the Norwegian salmon industry …. Using bank balance sheet and credit register data, we trace how this trade shock affected the lending behavior of banks … highly exposed to the salmon industry when the shock occurred. We find that, in the years following the trade shock, highly …

. Moreover, our results suggest that the way how countries react to world commodity price shocks is related to the underlying …

effective in State 2. Exogenously differentiating regimes by the level of inflation or the shock size does not reveal state …