experiences a shock forcing it to start learning afresh. Firms differ in their information; more informed firms have lower … posterior variances in beliefs. An uncertainty shock is a rise in the probability that any given firm will lose its information … a prolonged recession followed by anemic recovery in response to an uncertainty shock. When confronted with a rise in …

aggregate shock. The general equilibrium dispersion of markups implied by the optimization of heterogeneous industries creates …

generating the pre-crisis productivity slowdown, while starting from the Great Recession a shock to liquidity demand is … inflation response following a recessionary shock and hence has important implications for both the negligible fall in inflation …

type of shock. Expansionary securitization shocks lead to a permanent rise in real GDP and a fall in inflation. Bank … transmission mechanism of monetary policy. These effects are estimated with a structural VAR model, where the shocks are identified …

We develop a VAR that allows the estimation of the impact of monetary policy shocks on volatility. Estimates for the US …

This paper identifies a precautionary banking liquidity shock via a set of sign, zero and forecast variance … restrictions imposed. The shock proxies the reluctance of the banking sector to "lend" to the real economy induced by an exogenous … change in financial intermediaries' preference for "high" liquid assets. The identified shock has sizeable and state …

identification procedure, we show that the dominant shock driving total factor productivity (TFP) is akin to a diffusion or news … shock and that shock transmission has changed over time. Specifically, the behavior of hours worked is notably different … shock propagation. …