| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w8583 |
| 来源ID | Working Paper 8583 |
| Aggregate Price Shocks and Financial Stability: The United Kingdom 1796-1999 | |
| Michael D. Bordo; Michael J. Dueker; David C. Wheelock | |
| 发表日期 | 2001-11-01 |
| 出版年 | 2001 |
| 语种 | 英语 |
| 摘要 | This paper investigates the impact historically of aggregate price shocks on financial stability in the United Kingdom. We construct an annual index of U.K. financial conditions for 1790-1999 and use a dynamic probit model to estimate the effect of aggregate price shocks on the index. We find that price level shocks contributed significantly to financial instability during 1820-1931, and that inflation rate shocks contributed to instability during 1972-99. Both the nature of aggregate price shocks and their impact depend on the existing monetary and financial regime, but price shocks historically have been a source of financial instability. |
| 主题 | Macroeconomics ; Business Cycles ; Monetary Policy |
| URL | https://www.nber.org/papers/w8583 |
| 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/566189 |
| 推荐引用方式 GB/T 7714 | Michael D. Bordo,Michael J. Dueker,David C. Wheelock. Aggregate Price Shocks and Financial Stability: The United Kingdom 1796-1999. 2001. |
| 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 | ||
| w8583.pdf（436KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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