| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w15652 |
| 来源ID | Working Paper 15652 |
| Asset Fire Sales and Credit Easing | |
| Andrei Shleifer; Robert W. Vishny | |
| 发表日期 | 2010-01-14 |
| 出版年 | 2010 |
| 语种 | 英语 |
| 摘要 | In a January 2009 lecture on the financial crisis, Federal Reserve Chairman Bernanke advocated a new Fed policy of credit easing, defined as a combination of lending to financial institutions, providing liquidity directly to key credit markets, and buying of long term securities. We show that Bernanke's analysis and recommendations can be naturally considered in a model of "unstable banking," which relies on two mechanisms: 1) fire sales reduce asset prices below fundamental values, and 2) financial institutions prefer speculation to new lending when markets are dislocated. We analyze credit easing and compare it to alternative government interventions during the crisis. |
| 主题 | Macroeconomics ; Monetary Policy ; Financial Economics ; Financial Institutions |
| URL | https://www.nber.org/papers/w15652 |
| 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/573327 |
| 推荐引用方式 GB/T 7714 | Andrei Shleifer,Robert W. Vishny. Asset Fire Sales and Credit Easing. 2010. |
| 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 | ||
| w15652.pdf（56KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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