simple and familiar one. The contraction phase was primarily a consequence of a shock that induced a shift away from … slowness of the recovery from the Depression was due to a shock that increased the market power of workers. We identify a …

's theory of exchange, I argue that producers of value incur incidental expropriation of wealth associated with the deflationary …

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 …