The final calculation in the paper is to combine the authors' IV estimates with their estimate of the decline in lending from leveraged institutions of $ billion to estimate the impact on GDP growth.
The $ billion drop in debt against a $ trillion amount of nonfinancial debt outstanding is a 3 percentage point drop in nonfinancial debt growth, which when multiplied by the 0.44 long-run coefficient on debt growth, lead to a slowing of GDP growth of 1.3 percentage points over the following year.