economy, namely a demand shock and a shock to bank capital. The main findings of the paper are as follows: i) Impulse …-response analysis shows that in response to a shock to bank capital, banks boost capital ratios by reducing their relative exposure to …) Historical shock decomposition analysis shows that bank capital shocks have contributed to increasing capital ratios since the …

, or fiscal theory of the price level properties. …

Epstein-Zin preferences to study the volatility implications of a monetary policy shock. An unexpected increases in the policy … volatility effects of the shock are driven by agents' concern about the (in)ability of the monetary authority to reverse …

exported primary commodities, imported capital goods and intermediate inputs, and a financial shock, modeled as fluctuations in …

shock the equation governing the intertemporal rate of substitution in consumption. However, the recession appears to have …