economy, namely a demand shock and a shock to bank capital. The main findings of the paper are as follows: i) Impulse …-response analysis shows that in response to a shock to bank capital, banks boost capital ratios by reducing their relative exposure to …) Historical shock decomposition analysis shows that bank capital shocks have contributed to increasing capital ratios since the …

functions. Specifically, we assess the systemic effect of an unexpected shock to the creditworthiness of a particular sovereign …

-2012) in the Polish economy. The empirical findings show that: (1) output appears more responsive to an interest rate shock at … the beginning of our sample. Since 2000, absorbing this shock has become less costly in terms of output, notwithstanding … some reversal since the beginning of the global financial crisis. The exchange rate shock also has a time-varying effect on …

How do households adjust to a large debt shock? This paper studies household responses to a revaluation of foreign …

dollar shock, generalised impulse response function shocks and a global shock to risk aversion. Our results show that the way … depends crucially on the nature of the shock. This result is noteworthy given the apparent divergence in competitiveness …

the NMS, by using a Bayesian estimation that combines information across countries. The impulse responses in the NMS are …

. We find that a contractionary oil price shock has a negative effect on the current account which lasts for approximately …