distribution with the monetary shock affecting the median household relative to the 20th percentile by a larger amount than the … right tail. Our results suggest that the shock is transmitted through changes in net property and financial wealth that …

Epstein-Zin preferences to study the volatility implications of a monetary policy shock. An unexpected increases in the policy … volatility effects of the shock are driven by agents' concern about the (in)ability of the monetary authority to reverse …

smaller effect of this shock on real activity. …

higher income and higher levels of consumption are affected more by this shock than households located towards the lower end … effect of this shock on aggregate output. …

instruments is effective in recovering the underlying shock. In contrast, identification based on recursive schemes and …

instrumental variable procedure to estimate the impact of the credit shock performs well and is relatively robust to measurement …, VARs of the narrative variety, i.e. VAR models that include measures of the credit shock as endogenous variables are highly … suggests, however, that the credit supply shock is hard to identify in practice. …

-Carlo experiments. The estimated impulse responses indicate that a positive shock to the target is associated with a large increase in …