On the Direct and Indirect Real Effects of Credit Supply Shocks
NBER Working Paper No. 25458
---- Acknowledgments ----
We thank David Weinstein and Mary Amiti for kindly providing their codes and for comments and suggestions, Stéphane Bonhomme, Gabriel Chodorow-Reich, Sergio Correia, Julian Di Giovanni, Marco Di Maggio, Joseph G. Haubrich, Terry O'Malley, Victoria Ivashina, David Martinez-Miera, Friederike Niepmann, Jose Luis Peydro, Andrew Powell, Sergio Vicente, and participants in the First CEMFI - Banco de Espana Workshop, the MIT-Sloan seminar, the Federal Reserve Board seminar, the University of Barcelona seminar, the IADB seminar, the Kennedy School-LEP brown bag seminar, the UC3M seminar, the University of Groningen seminar, the Workshop on Financial Intermediation and Risk at the Barcelona GSE Summer Forum, the 1st Annual Workshop of the ESCB Research Cluster in Athens, the XX Workshop in International Economics and Finance in Buenos Aires, the III Winter Macroeconomics Workshop in Bellaterra, the Chicago Financial Institutions Conference, the Society for Economic Dynamics in Mexico, CEBRA-Frankfurt, and the 26th Finance Forum in Santander. An earlier version of this paper circulated under the title "Credit Supply Shocks, Network Effects and the Real Economy". The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research.