This paper proposes a theoretical framework to analyze the impacts of credit and technology shocks on business cycle … different realizations of firm specific technology shocks, possibly leading to default by some firms. The paper advances a new … financial institutions in the transmission of credit and technology shocks to the real economy. A positive credit shock, defined …

This paper proposes a theoretical framework to analyze the impacts of credit and technology shocks on business cycle … different realizations of firm specific technology shocks, possible leading to default by some firms. The paper advances a new … financial institutions in the transmission of credit and technology shocks to the real economy. A positive credit shock, defined …