Colombo, Valentina; Paccagnini, Alessia - 2020
We investigate the role played by the credit supply shock across the business cycle in the U.S. over the period 1973 … credit supply shock triggers asymmetric and negative effects on macroeconomic variables. We find that the state …-dependent forecast error variance decomposition of industrial production, employment, and inflation due to the shock is from six to eight …
