| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w22100 |
| 来源ID | Working Paper 22100 |
| Money and Velocity During Financial Crises: From the Great Depression to the Great Recession | |
| Richard G. Anderson; Michael Bordo; John V. Duca | |
| 发表日期 | 2016-03-21 |
| 出版年 | 2016 |
| 语种 | 英语 |
| 摘要 | This study offers a single, consistent model that tracks the velocity of broad money (M2) since 1929, including the Great Depression, the global financial crisis, and the Great Recession. The model emphasizes the roles of changes in uncertainty and risk premia, financial innovation, and major banking regulations. Our findings suggest an enhanced role of a broad, liquid money aggregate as a policy guide during crises and their unwinding. Following crises, policymakers face the challenge of not only unwinding their balance sheet so as to prevent excess reserves from fueling a surge in M2, but also countering a fall in the demand for money as risk premia return to normal amid velocity shifts stemming from relevant financial reforms. |
| 主题 | Macroeconomics ; Money and Interest Rates ; Monetary Policy ; Financial Economics ; Portfolio Selection and Asset Pricing |
| URL | https://www.nber.org/papers/w22100 |
| 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/579774 |
| 推荐引用方式 GB/T 7714 | Richard G. Anderson,Michael Bordo,John V. Duca. Money and Velocity During Financial Crises: From the Great Depression to the Great Recession. 2016. |
| 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 | ||
| w22100.pdf（474KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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