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来源类型Working Paper
规范类型报告
DOI10.3386/w23802
来源IDWorking Paper 23802
How do Credit Supply Shocks Affect the Real Economy? Evidence from the United States in the 1980s
Atif Mian; Amir Sufi; Emil Verner
发表日期2017-09-11
出版年2017
语种英语
摘要We study the business cycle consequences of credit supply expansion in the U.S. The 1980's credit boom resulted in stronger credit expansion in more deregulated states, and these states experience a more amplified business cycle. A new test shows that amplification is primarily driven by the local demand rather than the production capacity channel. States with greater exposure to credit expansion experience larger increases in household debt, the relative price of non-tradable goods, nominal wages, and non-tradable employment. Yet there is no change in tradable sector employment. Eventually states with greater exposure to credit expansion experience a significantly deeper recession.
主题Macroeconomics ; Business Cycles ; Money and Interest Rates ; Monetary Policy
URLhttps://www.nber.org/papers/w23802
来源智库National Bureau of Economic Research (United States)
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条目标识符http://119.78.100.153/handle/2XGU8XDN/581476
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Atif Mian,Amir Sufi,Emil Verner. How do Credit Supply Shocks Affect the Real Economy? Evidence from the United States in the 1980s. 2017.
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