realizations of the macro factor. Second, given tranching, a shock to the risk of the underlying asset portfolio (e.g. a rise in …

realizations of the macro factor. Second, given tranching, a shock to the risk of the underlying asset portfolio (e.g. a rise in …

adequate regulation, intermediation may fail to do this. This paper studies the effects of a production shock in a closed … economy and compares abilities of market-based and bank-based financial systems in processing the shock. Unregulated banking …

derived from Eurosystem large-scale macroeconomic models. The main finding is that only a fiscal shock, and to a lesser extent … a TFP shock, generate marked inflation persistence. In contrast, an indirect tax and an oil price shock appear much less … persistent and a social security shock generates less inflation persistence in the majority of the countries (although some weak …

Satellite-GVAR model appears to be a useful tool for analysing plausible global macrofinancial shock scenarios designed for …

cycle model. In particular, we analyze the effect of a monetary policy shock and investigate how labor market frictions … persistent movements of aggregate inflation. Moreover, the impact of a monetary policy shock on unemployment and inflation …

standard neoclassical growth model with US data and assume that an exogenous shock has driven aggregate output far below steady … the generality of this result w.r.t. size and persistence of the shock, size of the government spending multiplier, and …