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What are the effects of monetary policy shocks on real activity? Is the behavior of credit only a response to the movements in real activity? or Does credit also have a responsibility in modulating real activity? This paper intends to answer these questions for Venezuela, identifying a structural VAR with the sign restriction methodology. The empirical evidence found suggests that a monetary policy shock does not have any influence on real activity, at least for the period under analysis. Nevertheless, credit supply shocks bring about reductions in real output. Bank credit mostly has a passive role with respect to output.