全球智库信息集成服务系统(G2TT): Why Some Times Are Different: Macroeconomic Policy and the Aftermath of Financial Crises

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来源类型	Working Paper
规范类型	报告
DOI	10.3386/w23931
来源ID	Working Paper 23931
	Why Some Times Are Different: Macroeconomic Policy and the Aftermath of Financial Crises
	Christina D. Romer; David H. Romer
发表日期	2017-10-16
出版年	2017
语种	英语
摘要	Analysis based on a new measure of financial distress for 24 advanced economies in the postwar period shows substantial variation in the aftermath of financial crises. This paper examines the role that macroeconomic policy plays in explaining this variation. We find that the degree of monetary and fiscal policy space prior to financial distress—that is, whether the policy interest rate is above the zero lower bound and whether the debt-to-GDP ratio is relatively low—greatly affects the aftermath of crises. The decline in output following a crisis is less than 1 percent when a country possesses both types of policy space, but almost 10 percent when it has neither. The difference is highly statistically significant and robust to the measures of policy space and the sample. We also consider the mechanisms by which policy space matters. We find that monetary and fiscal policy are used more aggressively when policy space is ample. Financial distress itself is also less persistent when there is policy space. The findings may have implications for policy during both normal times and periods of acute financial distress.
主题	Macroeconomics ; Business Cycles ; Monetary Policy ; Fiscal Policy ; Financial Economics ; History ; Macroeconomic History
URL	https://www.nber.org/papers/w23931
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/581604
推荐引用方式 GB/T 7714	Christina D. Romer,David H. Romer. Why Some Times Are Different: Macroeconomic Policy and the Aftermath of Financial Crises. 2017.

条目包含的文件
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w23931.pdf（622KB）	智库出版物		限制开放	CC BY-NC-SA	浏览