disentangling real effects of credit supply from demand-side factors. Identification of supply-side effects in firm-level analyses … 2011, we show that controlling for firms' current situation and future expectations reduces upward bias in estimated credit …

This paper evaluates the performance of a variety of structural VAR models in estimating the impact of credit supply …, on average, that credit supply shocks that raise spreads by 10 basis points reduce GDP growth and inflation by 1% after …