| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP11410 |
| DP11410 Assessing the Non-Linear Effects of Credit Market Shocks | |
| Régis Barnichon; Christian Matthes | |
| 发表日期 | 2016-07-23 |
| 出版年 | 2016 |
| 语种 | 英语 |
| 摘要 | Can financial market disruptions have non-linear dynamic effects on economic activity? Using a novel econometric technique, we assess whether credit shocks have non-linear effects, notably asymmetry and state-dependence, that have been predicted theoretically but never considered empirically. We obtain two main results. First, negative shocks to credit supply have large and persistent effects on output, but positive shocks have no significant effect. Second, credit supply shocks have larger and more persistent effects in periods of weak economic growth. These findings are consistent with the presence of occasionally binding financial constraints and the recent theoretical predictions of He and Krishnamurthy (2013) and Brunnermeier and Sannikov (2014). |
| 主题 | Monetary Economics and Fluctuations |
| URL | https://cepr.org/publications/dp11410 |
| 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/540224 |
| 推荐引用方式 GB/T 7714 | Régis Barnichon,Christian Matthes. DP11410 Assessing the Non-Linear Effects of Credit Market Shocks. 2016. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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