| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP9142 |
| DP9142 How important is the credit channel? An empirical study of the US banking crisis | |
| Patrick Minford; Chunping Liu | |
| 发表日期 | 2012-09-23 |
| 出版年 | 2012 |
| 语种 | 英语 |
| 摘要 | We examine whether by adding a credit channel to the standard New Keynesian model we can account better for the behaviour of US macroeconomic data up to and including the banking crisis. We use the method of indirect inference which evaluates statistically how far a model?s simulated behaviour mimics the behaviour of the data. We find that the model with credit dominates the standard model by a substantial margin. The credit channel is the main contributor to the variation in the output gap during the crisis. |
| 主题 | International Macroeconomics |
| 关键词 | Financial frictions Credit channel Bank crisis indirect inference |
| URL | https://cepr.org/publications/dp9142 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/537977 |
| 推荐引用方式 GB/T 7714 | Patrick Minford,Chunping Liu. DP9142 How important is the credit channel? An empirical study of the US banking crisis. 2012. |
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