financial institutions in the transmission of credit and technology shocks to the real economy. A positive credit shock, defined … between loan and deposit rates. The effects of the credit shock tend to be highly persistent even without price rigidities and …

financial institutions in the transmission of credit and technology shocks to the real economy. A positive credit shock, defined … between loan and deposit rates. The effects of the credit shock tend to be highly persistent even without price rigidities and …

economy. A positive credit shock, defined as a rise in the loan-to-deposit ratio, increases output, consumption, hours and … productivity, and reduces the spread between loan and deposit rates. The effects of the credit shock tend to be highly persistent …

and the level of uncertainty in the economy. A positive credit shock, defined as a rise in the loan-to-deposit ratio … effects of the credit shock tend to be highly persistent, even without price rigidities and habit persistence in consumption …

due to a fiscal policy shock, as compared to when the rise in output is due to a positive technology shock. The cross ….75 when the rise in output follows from a favorable output shock. …

. We discuss estimation of impulse response functions and variance decompositions in such large systems, and present … through error spillover effects. Bootstrapped error bands are also provided for the cross country responses of a shock to the …

. We discuss estimation of impulse response functions and variance decompositions in such large systems, and present … through error spillover effects. Bootstrapped error bands are also provided for the cross country responses of a shock to the …