Mumtaz, Haroon; Pinter, Gabor; Theodoridis, Konstantinos - 2015
, on average, that credit supply shocks that raise spreads by 10 basis points reduce GDP growth and inflation by 1% after …This paper evaluates the performance of a variety of structural VAR models in estimating the impact of credit supply … one year. These shocks were important during the Great Recession, accounting for about half the decline in GDP growth. …