| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP11544 |
| DP11544 Financial Frictions, Asset Prices, and the Great Recession | |
| Zhen Huo | |
| 发表日期 | 2016-09-28 |
| 出版年 | 2016 |
| 语种 | 英语 |
| 摘要 | We study financial shocks to households’ ability to borrow in an economy that quantitatively replicates U.S. earnings, financial, and housing wealth distributions and the main macro aggregates. Such shocks generate large recessions via the negative wealth effect associated with the large drop in house prices triggered by the reduced access to credit of a large number of households. The model incorporates additional margins that are crucial for a large recession to occur: that it is difficult to reallocate production from consumption to investment or net exports, and that the reductions in consumption contribute to reductions in measured TFP. |
| 主题 | Monetary Economics and Fluctuations |
| 关键词 | Balance sheet recession Asset price Goods market frictions Labor market frictions |
| URL | https://cepr.org/publications/dp11544 |
| 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/540358 |
| 推荐引用方式 GB/T 7714 | Zhen Huo. DP11544 Financial Frictions, Asset Prices, and the Great Recession. 2016. |
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