| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w7652 |
| 来源ID | Working Paper 7652 |
| Aggregate Price Shocks and Financial Instability: An Historical Analysis | |
| Michael D. Bordo; Michael J. Dueker; David C. Wheelock | |
| 发表日期 | 2000-04-01 |
| 出版年 | 2000 |
| 语种 | 英语 |
| 摘要 | This paper presents empirical evidence on the hypothesis that aggregate price disturbances cause or worsen financial instability. We construct two annual indexes of financial conditions for the United States covering 1790-1997, and estimate the effect of aggregate price shocks on each index using a dynamic ordered probit model. We find that price level shocks contributed to financial instability during 1790-1933, and that inflation rate shocks contributed to financial instability during 1980-97. Our research indicates that the size of the aggregate price shocks needed to substantially alter financial conditions depends on the institutional environment, but that a monetary policy focused on price stability would be conducive to financial stability. |
| 主题 | Macroeconomics ; Business Cycles ; Monetary Policy |
| URL | https://www.nber.org/papers/w7652 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/565207 |
| 推荐引用方式 GB/T 7714 | Michael D. Bordo,Michael J. Dueker,David C. Wheelock. Aggregate Price Shocks and Financial Instability: An Historical Analysis. 2000. |
| 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 | ||
| w7652.pdf（203KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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