fluctuations in stock prices into fundamental and noise shocks and estimate their effects on credit. Both shocks lead to a credit … expansion, but only a noise shock results in a reversal if the anticipated shock fails to realise. Noise shocks have stronger … effects when risk premiums are low. A novel debt overhang channel is important for the propagation of noise shocks. …

fluctuations in stock prices into fundamental and noise shocks and estimate their effects on credit. Both shocks lead to a credit … expansion, but only a noise shock results in a reversal if the anticipated shock fails to realise. Noise shocks have stronger … effects when risk premiums are low. A novel debt overhang channel is important for the propagation of noise shocks. …

simple model of consumption determination with productivity shocks and non-productivity noise shocks. In an application to …

(noise shocks). Exploiting the fact that the econometrician has a richer data-set in some dimensions than the consumers, we … shocks turn negative a few years before recessions, while noise shocks are very positive at the cycle peaks. By contrast, the … recovery from recessions is mostly led by technology shocks, noise shocks remaining negative for some time during this business …