competitive credit market only after good shocks. This prediction is shown to be consistent with data on emerging market economies …

financial institutions in the transmission of credit and technology shocks to the real economy. A positive credit shock, defined … between loan and deposit rates. The effects of the credit shock tend to be highly persistent even without price rigidities and …This paper proposes a theoretical framework to analyze the impacts of credit and technology shocks on business cycle …

financial institutions in the transmission of credit and technology shocks to the real economy. A positive credit shock, defined … between loan and deposit rates. The effects of the credit shock tend to be highly persistent even without price rigidities and …This paper proposes a theoretical framework to analyze the impacts of credit and technology shocks on business cycle …