negative. Then, we estimate local projections for a super- visory shock hitting banks' credit standards and propose a new …

phase transition when the consequences of one single initial shock affect the entire population. I show that the size and …

satisfies the restrictions. Their method generates impulse responses that are consistent with macroeconomic theory, but that …

identified monetary policy shock is then put into country-specific local projections in order to derive country-specific impulse …

role played by inflation expectations and the money supply shocks during major oil shock episodes. These shocks partially … replace roles previously attributed to the precautionary oil demand shock and the aggregate demand shock during the three … major oil shock periods of the 1970s-1980s, post-2008 and during the 2020-2021 pandemic. The results show that both real oil …