| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w15389 |
| 来源ID | Working Paper 15389 |
| Credit Crises, Money and Contractions: an historical view | |
| Michael D. Bordo; Joseph G. Haubrich | |
| 发表日期 | 2009-09-24 |
| 出版年 | 2009 |
| 语种 | 英语 |
| 摘要 | The relatively infrequent nature of major credit distress events makes an historical approach particularly useful. Using a combination of historical narrative and econometric techniques, we identify major periods of credit distress from 1875 to 2007, examine the extent to which credit distress arises as part of the transmission of monetary policy, and document the subsequent effect on output. Using turning points defined by the Harding-Pagan algorithm, we identify and compare the timing, duration, amplitude and co-movement of cycles in money, credit and output. Regressions show that financial distress events exacerbate business cycle downturns both in the nineteenth and twentieth centuries and that a confluence of such events makes recessions even worse. |
| 主题 | Macroeconomics ; Business Cycles ; Monetary Policy ; Financial Economics ; Financial Institutions |
| URL | https://www.nber.org/papers/w15389 |
| 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/573064 |
| 推荐引用方式 GB/T 7714 | Michael D. Bordo,Joseph G. Haubrich. Credit Crises, Money and Contractions: an historical view. 2009. |
| 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 | ||
| w15389.pdf（393KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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