International Credit Supply Shocks

Prepared for the 2017 NBER International Seminar on Macroeconomics (ISOM). We would like to thank our discussants at the conference, Julian di Giovanni and Alan Taylor, as well as our discussants at other conferences, Anil Ari, Luca Dedola, Aitor Erce, Alice Fabre, Gurnain Pasricha, John Rogers, Tim Schmidt-Eisenlohr, Michael Stein, and Jing Zhou for comments and useful suggestions. We have also benefited from comments by participants at the CEBRA 2017 Annual Meeting, 2017 NBER ISOM, CEBRA Boston Policy Workshop, 2017 WFC, 2017 BGSE Summer Forum, 2017 ESSIM, XIX BCB Annual Inflation Targeting Seminar, Sils Macro Workshop, Korea-Keio-HKUST 2nd International Macro & Finance Conference, EMG-ECB Workshop on Global Liquidity, 2016 EEA Meetings, HKCU-HKMA Conference on Real Estate and Financial Stability, 4th Workshop in Macro Banking and Finance, SF Fed-HKCU Conference on International Finance, 2015 NYU Alumni Conference, and at seminars at the Bank of England, BIS Asia Office, University of Durham, Fed Board, the University of York, New York Fed, and San Francisco Fed, University of Oxford, University of St. Andrews. Alessandro Rebucci thanks the Black & Decker Research Fund for partial financial support for this paper. The views expressed in this paper are solely those of the authors and should not be taken to represent those of the Bank of England or the National Bureau of Economic Research.