We study the interaction between government’s fiscal support policies and firms’ market financing. Using regulatory data on the universe of Chilean firms, we test the role of Central Bank’s special credit line to domestic banks and government-backed credit guarantees provided during...

We estimate the role of news shocks to TFP, foreign interest rates (FIR) and commodity terms of trade (CToT) in explaining the variance of output and other macro aggregates across countries. To correct for small-sample bias in the variance decomposition estimates, we develop a...

We estimate the role of news shocks to total factor productivity, foreign interest rates and commodity terms of trade in explaining the variance of output and other macro aggregates in a large sample of countries. To correct for the small-sample bias of the variance decomposition estimates we...