of lenders not observing a borrower's true credit score but only seeing an aggregate credit category. We find that … borrower's credit score. This inference is economically significant and allows lenders to lend at a 140-basis-points lower rate … for borrowers with (unobserved to lenders) better credit scores within a credit category. While lenders infer the most …

for shocks to firms' credit supply to identify the balance sheet shock and examine its real consequences. I find that non … following the shock, but are able to increase borrowing in peso loans, resulting in relatively higher growth in employment and …

collateral-based credit supply. I calibrate a model to explore the impact of collateral shocks on real firm behavior. I discover … that: (i) a negative shock to the collateral value depresses the business activities by tightening the borrowing capacity …. Such adverse impact is alleviated (worsened) by a lower (higher) productivity-driven credit demand; (ii) following a …

explore the relationship between these variables, we develop a macroeconomic model with firms that are subject to both credit …

of a financial shock on the labor market, focusing on the US. Our results indicate that a tightening of financial … during periods of expansion. The source of this asymmetry is the time-varying standard deviation of the identified shock …

variables to analyze the effects of a financial shock, focusing on the US. Our results point out that a tightening of financial … throughout expansion periods. The source of this asymmetry is the time-varying standard deviation of the identified shock, which …

By introducing search and matching frictions in both the labor and the credit markets into a cash in advance New … cost of posting job vacancies is positive and if firms and bank sustain costs when searching for lines of credit and when … posting credit vacancies, respectively. The presence of credit market frictions moderates the reactions of output and wages to …

and employment. In contrast, standard credit shocks produce a positive relationship. A calibrated version of the model …