Credit Markets and the Propagation of Monetary Policy Shocks



Table 3

Parameters of the distributions of shocks

Ability shocks Z

0.00

0.50

1.00

1.50

2.00

2.25

2.50

2.75

3.00

Distribution ψ of worker’s ability shocks

0.00

0.05

0.88

0.03

0.02

0.00

0.01

"ÔÔÔ

0.01

Transition matrix Q for entrepreneur’s

ability shocks

ч

0

0

0

0

0

0

0

^^0

1

0

0

0

0

0

0

0

0

0.2250

0

0.7500

0.0250

0

0

0

0

0

0.0100

0

0.0750

0.8000

0.0250

0

0

0

0

0.0500

0

0

0.0750

0.8500

0.0250

0

0

0

0.0250

0

0

0

0.1000

0.8500

0.0250

0

0

0.0125

0

0

0

0

0.1125

0.8500

0.0250

0

0.0125

0

0

0

0

0

0.1125

0.8500

0.0250

0.0125

0

0

0

0

0

0

0.1325

0.8500

32



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