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When Credit Bites Back

Journal of money, credit and banking, 2013-12, Vol.45 (s2), p.3-28 [Tạp chí có phản biện]

Copyright © 2013 The Ohio State University ;2013 The Ohio State University ;Copyright Ohio State University Press Dec 2013 ;ISSN: 0022-2879 ;EISSN: 1538-4616 ;DOI: 10.1111/jmcb.12069 ;CODEN: JMCBBT

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Nhan đề:
When Credit Bites Back
Tác giả: JORDÀ, ÒSCAR ; SCHULARICK, MORITZ ; TAYLOR, ALAN M.
Chủ đề: Bank credit ; Bank loans ; booms ; Business cycles ; C14 ; C52 ; Capital accumulation ; Commercial credit ; Credit ; Credit systems ; E51 ; Economic crises ; Economic fluctuations ; Economic recessions ; Economic recovery ; F32 ; F42 ; financial crises ; Financial crisis ; Gross domestic product ; Industrialized nations ; Interest rates ; leverage ; local projections ; Macroeconomics ; N10 ; N20 ; Real gross domestic product per capita ; Recession ; Recessions ; Studies
Là 1 phần của: Journal of money, credit and banking, 2013-12, Vol.45 (s2), p.3-28
Mô tả: Using data on 14 advanced countries between 1870 and 2008 we document two key facts of the modern business cycle: relative to typical recessions, financial crisis recessions are costlier, and more credit-intensive expansions tend to be followed by deeper recessions (in financial crises or otherwise) and slower recoveries. We use local projection methods to condition on a broad set of macro-economic controls to study how past credit accumulation impacts key macro-economic variables such as output, investment, lending, interest rates, and inflation. The facts that we uncover lend support to the idea that financial factors play an important role in the modern business cycle.
Nơi xuất bản: Columbus: Blackwell Publishing Ltd
Ngôn ngữ: English
Số nhận dạng: ISSN: 0022-2879
EISSN: 1538-4616
DOI: 10.1111/jmcb.12069
CODEN: JMCBBT
Nguồn: Alma/SFX Local Collection

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When Credit Bites Back

Copyright © 2013 The Ohio State University ;2013 The Ohio State University ;Copyright Ohio State University Press Dec 2013 ;ISSN: 0022-2879 ;EISSN: 1538-4616 ;DOI: 10.1111/jmcb.12069 ;CODEN: JMCBBT

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