margin of flexibility in coping with adverse shocks. In this setting, we simulate a risk shock that propagates its effects in … accelerator. For this purpose, we assume that financially constrained agents are tax evaders, taking advantage of an additional … the credit channel via the financial accelerator mechanism. The results show that tax evasion is pro cyclical and …

Bond yield and retail interest rate spreads are presumed to lead real activity on the basis of financial accelerator … spreads outperform many other indicators in this respect. Nevertheless, there is no evidence for a financial accelerator being …

aggregate risk with entrepreneurs, and therefore bear uncertainty in their loan portfolios. Unexpected aggregate shocks will …

the financial accelerator mechanism à la Bernanke, Gertler and Gilchrist (1996,1999). Both versions are estimated using … accelerator mechanism, in transmitting dysfunctions from financial markets to the real economy. The Smets and Wouters model …, augmented with the financial accelerator mechanism, is suitable to capture much of the historical developments in U.S. financial …

funds from households to entrepreneurs subject to a well defined loan production function. The loan productivity shock is … treated as the supply side financial disturbance. Together with NT.s net worth shock that resembles the credit demand … simultaneous contraction of entrepreneurial net wealth. This new introduced shock has significant explanatory power for the …

accelerator, and financial frictions in the interbank and bank capital markets. He investigates the importance of banking sector …

money demand falls, while a positive goods productivity shock raises temporary output and velocity. The paper explains such … important for velocity during less stable times and the goods productivity shock more important during stable times. …