In this paper, we assess the quantitative impact of various financial shocks on the real activity and explicitly address the issue of heterogeneity in the macro-financial linkages. For that purpose, we use VAR models as well as the local projection method for 18 OECD countries based on quarterly...

This paper examines the distributional implications of inflation on top income shares in 12 advanced economies using data over the period 1920-2016. We use Local Projections to analyze how top income shares respond to an inflation shock, and panel regressions in which all variables are defined...

This paper empirically assesses the effects of competition in the financial sector on credit procyclicality by estimating both an interacted panel VAR (IPVAR) model using macroeconomic data and a single-equation model with bank-level European banking data. The findings of these two empirical...

This paper examines the distributional implications of monetary policy from a long-run perspective, with data spanning 100 years of modern economic history in 12 advanced economies. We employ a two-step approach, by estimating a Panel VAR and a single-equation model with local projections, to...

This paper examines the distributional implications of monetary pol-icy from a long-run perspective with data spanning a century of modern economic history in 12 advanced economies between 1920 and 2015. We employ two complementary empirical methodologies for estimating the dynamic responses of...