"Financial crises United States Econometric models." . . "International Monetary Fund," . . . . "International Monetary Fund. European Department." . . "Business cycles United States Econometric models." . . "Monetary policy United States Econometric models." . . . . . "This paper investigates financial frictions in US postwar data to understand the interaction between the real business cycle and the credit market. A Bayesian estimation technique is used to estimate a large Vector Autoregression and New Keynesian models demonstrating how financial shocks can have a large and sluggish impact on the economy. I identify the default risk and the maturity mismatch channels of monetary policy transmission; I further employ a generalized-IRF to establish countercyclicality of risk spreads; and I show that the maturity mismatch shocks produce a stronger impact than the default risk shocks.--Abstract."@en . . "Financial frictions in data evidence and impact"@en . . . . . . . . "Financial frictions in data : evidence and impact" . . "Financial risk United States Econometric models." . . "Economic development United States Econometric models." . .