, with a contractionary shock leading to a downward revision of expectations. Second, we show that firms’ response depends on … the size and the sign of the shock, with only large and contractionary shocks having a significant negative effect on … expectations. Third, we observe that the different components of central bank communication (i.e. the pure monetary policy shock …

, the paper applies a newly developed methodology based on infinite VAR theory featuring a dominant unit to a large set of … dollar shock, generalised impulse response function shocks and a global shock to risk aversion. Our results show that the way … depends crucially on the nature of the shock. This result is noteworthy given the apparent divergence in competitiveness …

area countries, which include relevant BLS variables, and identify credit supply shocks both recursively and with sign … restriction methods. The macroeconomic effects of the 3-year LTROs are associated with the favorable credit supply shocks …

of sticky bank-firm relationships, estimate its structural parameters in euro area credit register data, and infer …

data on monetary policy shock estimates for 29 economies obtained from more than 280 monetary models in the literature …. Consistent with the predictions from our hypothesis we find: Monetary policy shock estimates obtained from New Keynesian DSGE … contamination is more severe for economies that are more susceptible to financial spillovers in the data; and the shock estimates …

to have a significant effect on economic activity and credit market variables, but to some extent also inflation, in all …

uncollateralized credit. We find that this kind of policy is more successful in suppressing equity price swings than moderating output …

This paper proposes a tractable way to incorporate lending standards ("credit qualification thresholds") into macro … rate sufficiently compensates banks for the borrowers’ default risk. Firms denied credit cut employment and labor … credit supply disruptions. That is, for the same increase in credit spreads, output falls faster when denial rates are …