for shale oil producers becomes more responsive to demand shocks when adjustment costs decline. On the empirical side, we … apply an instrumental variable approach using estimates of demand-driven oil price changes derived from a standard …

overwhelmingly large. This finding is also confirmed under different identification strategies for the monetary policy shock …. - Monetary policy Shock ; Oil Price ; VAR …

imbalances, the United States and emerging Asia, using sign restrictions that are compatible with standard New Keynesian and Real … "liquidity glutʺ may have been a more important driver of real and financial imbalances in the US and emerging Asia than a …

economy, namely a demand shock and a shock to bank capital. The main findings of the paper are as follows: i) Impulse …-response analysis shows that in response to a shock to bank capital, banks boost capital ratios by reducing their relative exposure to …) Historical shock decomposition analysis shows that bank capital shocks have contributed to increasing capital ratios since the …

We identify the spill-over of demand shocks between the world's two largest advanced economies; the US and the euro … area. We estimate a Bayesian VAR with sign restrictions, using standard restrictions for the domestic impact of the shock … demand spill-overs of US and euro area demand shocks become smaller on average when imposing relative restrictions, while …