全球智库信息集成服务系统(G2TT): Understanding the Great Recession

G2TT

来源类型	Working Paper
规范类型	报告
DOI	10.3386/w20040
来源ID	Working Paper 20040
	Understanding the Great Recession
	Lawrence J. Christiano; Martin S. Eichenbaum; Mathias Trabandt
发表日期	2014-04-10
出版年	2014
语种	英语
摘要	We argue that the vast bulk of movements in aggregate real economic activity during the Great Recession were due to financial frictions interacting with the zero lower bound. We reach this conclusion looking through the lens of a New Keynesian model in which firms face moderate degrees of price rigidities and no nominal rigidities in the wage setting process. Our model does a good job of accounting for the joint behavior of labor and goods markets, as well as inflation, during the Great Recession. According to the model the observed fall in total factor productivity and the rise in the cost of working capital played critical roles in accounting for the small size of the drop in inflation that occurred during the Great Recession.
主题	Macroeconomics ; Macroeconomic Models ; Consumption and Investment ; Business Cycles
URL	https://www.nber.org/papers/w20040
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/577714
推荐引用方式 GB/T 7714	Lawrence J. Christiano,Martin S. Eichenbaum,Mathias Trabandt. Understanding the Great Recession. 2014.