G2TT
来源类型BPEA Article
规范类型论文
The real effects of the financial crisis
Ben S. Bernanke
发表日期2018
出版年2018
语种英语
概述This paper is part of the Fall 2018 edition of the Brookings Papers on Economic Activity, the leading conference series and journal in economics for timely, cutting-edge research about real-world policy issues. Research findings are presented in a clear and accessible style to maximize their impact on economic understanding and policymaking. The editors are Brookings Nonresident Senior Fellow and Northwestern University Economics Professor 
摘要

Abstract

Economists both failed to predict the global financial crisis and underestimated its consequences for the broader economy. Focusing on the second of these failures, this paper make two contributions. First, I review research since the crisis on the role of credit factors in the decisions of households, firms, and financial intermediaries and in macroeconomic modeling. This research provides broad support for the view that credit-market developments deserve greater attention from macroeconomists, not only for analyzing the economic effects of financial crises but in the study of ordinary business cycles as well. Second, I provide new evidence on the channels by which the recent financial crisis depressed economic activity in the United States. Although the deterioration of household balance sheets and the associated deleveraging likely contributed to the initial economic downturn and the slowness of the recovery, I find that the unusual severity of the Great Recession was due primarily to the panic in funding and securitization markets, which disrupted the supply of credit. This finding helps to justify the government’s extraordinary efforts to stem the panic in order to avoid greater damage to the real economy.

Citations

Bernanke, Ben. 2018. “The Real Effects of the Financial Crisis” BPEA Conference Draft, Fall.

Conflict of Interest Disclosure

Dr. Ben S. Bernanke is a Distinguished Fellow in residence with the Economic Studies Program at the Brookings Institution, as well as a Senior Advisor to PIMCO and Citadel. The author did not receive financial support from any firm or person for this paper or from any firm or person with a financial or political interest in this paper. With the exception of the aforementioned, he is currently not an officer, director, or board member of any organization with an interest in this paper. No outside party had the right to review this paper before circulation.

Author

URLhttps://www.brookings.edu/bpea-articles/the-real-effects-of-the-financial-crisis/
来源智库Brookings Institution (United States)
资源类型智库出版物
条目标识符http://119.78.100.153/handle/2XGU8XDN/274878
推荐引用方式
GB/T 7714
Ben S. Bernanke. The real effects of the financial crisis. 2018.
条目包含的文件
文件名称/大小 资源类型 版本类型 开放类型 使用许可
BPEA_Fall2018_The-re(2406KB)智库出版物 限制开放CC BY-NC-SA浏览
BERNANKE_PRESENTATIO(1075KB)智库出版物 限制开放CC BY-NC-SA浏览
个性服务
推荐该条目
保存到收藏夹
导出为Endnote文件
谷歌学术
谷歌学术中相似的文章
[Ben S. Bernanke]的文章
百度学术
百度学术中相似的文章
[Ben S. Bernanke]的文章
必应学术
必应学术中相似的文章
[Ben S. Bernanke]的文章
相关权益政策
暂无数据
收藏/分享
文件名: BPEA_Fall2018_The-real-effects-of-the-financial-crisis.pdf
格式: Adobe PDF
此文件暂不支持浏览
文件名: BERNANKE_PRESENTATION_BPEA.pdf
格式: Adobe PDF
此文件暂不支持浏览

除非特别说明,本系统中所有内容都受版权保护,并保留所有权利。