redistribution shock: a small sector of the economy – borrowers who use their home as collateral – defaults on their loans. When … recapitalizing or by deleveraging. By deleveraging, banks transform the initial shock into a credit crunch, and, to the extent that … some firms depend on bank credit, amplify and propagate the shock to the real economy. I find that redistribution and other …

shock, the results suggest that the presence of liability dollarization generates a greater response output, compared to the …

variables and extract the time-series of four latent fundamental shocks of the model: neutral technology shock, investment …-specific technological shock, monetary policy shock, and risk shock. Asset pricing tests show that our model-implied four-factor model can …-term reversal. The investment-specific technological shock and risk shock play the most important role in explaining those return …

historical shock and forecast-error-variance decompositions, and assessing its forecasting performance against a suite of …

through which the credit policy shocks transmit to labor market and the impacts of financial shock is amplified. The paper …