shock to one firm affects its ability to make payments to its suppliers. The credit linkages between firms propagate … network model of the economy in which trade in intermediate goods is financed by supplier credit. In the model, a financial …-industry credit flows from firm- and industry-level data. I then estimate aggregate and idiosyncratic shocks to industries in the US …

This paper contributes to a better understanding of the important role that credit demand plays for credit markets and … structural credit demand equation together with credit supply, aggregate supply, demand and monetary policy in a Bayesian … identification. In order to improve identification of the credit demand shocks, I construct a new granular instrument from regional …