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RBA Glossary definition for aggregate supply

aggregate supply – Gross domestic product as measured by the value of goods and services produced.

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Liquidity Shocks and the US Housing Credit Crisis of 2007–2008

5 Jun 2013 RDP 2013-05
Gianni La Cava
Research Discussion Papers contain the results of economic research within the Reserve Bank
https://www.rba.gov.au/publications/rdp/2013/2013-05.html

Appendix A: Identifying the Effect of Credit Supply Shocks

31 Dec 2013 RDP 2013-05
Gianni La Cava
Credit demand shock:. Credit supply shock:. The credit demand shock consists of two terms – an aggregate shock that is common to all regions. ... The credit supply shock also consists of two terms – an aggregate shock that is common to all banks.
https://www.rba.gov.au/publications/rdp/2013/2013-05/appendix-a.html

Liquidity Shocks and the US Housing Credit Crisis of 2007–2008

31 Dec 2013 RDP 2013-05
Gianni La Cava
Research Discussion Paper – RDP 2013-05 Liquidity Shocks and the US Housing Credit Crisis of 2007–2008. Gianni La Cava. May 2013 – ISSN 1320-7229 (Print), ISSN 1448-5109 (Online). 756. KB. The Discussion Paper series is intended to make the
https://www.rba.gov.au/publications/rdp/2013/2013-05/

Data

31 Dec 2013 RDP 2013-05
Gianni La Cava
To create a pseudo-panel I aggregate the annual loan application data so that the data vary by lender and Census tract. ... This is mainly because the flow of funds estimate is based on aggregate mortgage data while the HMDA estimate is based on
https://www.rba.gov.au/publications/rdp/2013/2013-05/data.html

Robustness Tests

31 Dec 2013 RDP 2013-05
Gianni La Cava
This substitution towards unaffected lenders could limit the effect of the liquidity shock on aggregate mortgage lending. ... As the first row of the table indicates, the OLS estimate of the aggregate effect.
https://www.rba.gov.au/publications/rdp/2013/2013-05/robustness-tests.html

Conclusion

31 Dec 2013 RDP 2013-05
Gianni La Cava
However, there has been little formal testing of the extent to which this can be attributed to a reduction in credit supply. ... I fill this gap by examining the extent to which the fall in US residential mortgage credit over 2007–2008 was caused by a
https://www.rba.gov.au/publications/rdp/2013/2013-05/conclusion.html

Appendix C: Estimating the Unbiased Aggregate Effect of the Liquidity Shock

31 Dec 2013 RDP 2013-05
Gianni La Cava
The approach separates the impact of supply from demand, while taking into account general equilibrium adjustments by borrowers. ... Now the OLS estimate of the aggregate (general equilibrium) effect of the liquidity shock at the tract level is given by:.
https://www.rba.gov.au/publications/rdp/2013/2013-05/appendix-c.html

Appendix B: Identifying the Separate Effects of Liquidity and Lending Standards Shocks

31 Dec 2013 RDP 2013-05
Gianni La Cava
I maintain all the assumptions on the demand side of the credit market, but make two slight changes to the supply side. ... ij. ) rather than specific to each bank. The new lending standards shock comprises two components: an aggregate shock.
https://www.rba.gov.au/publications/rdp/2013/2013-05/appendix-b.html

Literature Review

31 Dec 2013 RDP 2013-05
Gianni La Cava
My paper belongs to a growing literature that uses loan-level information to identify the causal effect of credit supply shocks. ... And, unlike my study, Dagher and Kazimov do not consider which borrowers were most affected by the credit supply shock.
https://www.rba.gov.au/publications/rdp/2013/2013-05/literature-review.html

References

31 Dec 2013 RDP 2013-05
Gianni La Cava
Journal of Real Estate Research. , 29(4), pp 351–379. Bernanke BS and AS Blinder (1988), ‘Credit, Money, and Aggregate Demand’,. ... Jiménez G, A Mian, J-L Peydró and J Saurina (2011), ‘Local versus Aggregate Lending Channels: The Effects of
https://www.rba.gov.au/publications/rdp/2013/2013-05/references.html