the shock measure as the exogenous variable in a VAR-X model with growth in real GDP, inflation, growth in bank lending … the shock. The effects are asymmetric, with tightenings having larger effects than easings. Using the shocks as an …

This paper quantifies and assesses the impact of an adverse loan supply (LS) shock on Peru's main macroeconomic … restrictions. The main results indicate that an adverse LS shock: (i) reduces credit and real GDP growth by 372 and 75 basis points … identification schemes with sign restrictions; and that an adverse LS shock has a greater impact on non-primary real GDP growth. …