| 来源类型 | Working Paper
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| 规范类型 | 报告
|
| DOI | 10.3386/w24746
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| 来源ID | Working Paper 24746
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| What Happened: Financial Factors in the Great Recession |
| Mark Gertler; Simon Gilchrist
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| 发表日期 | 2018-06-25
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| 出版年 | 2018
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| 语种 | 英语
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| 摘要 | Since the onset of the Great Recession, an explosion of both theoretical and empirical research has investigated how the financial crisis emerged and how it was transmitted to the real sector. The goal of this paper is to describe what we have learned from this new research and how it can be used to understand what happened during the Great Recession. In the process, we also present some new evidence on the role of the household balance sheet channel versus the disruption of banking. We examine a panel of quarterly state level data on house prices, mortgage debt and employment along with a measure of banking distress. Then exploiting both panel data and time series methods, we analyze the contribution of the house price decline versus the banking distress indicator to the overall decline in employment during the Great Recession. We confirm a common finding in the literature that the household balance sheet channel is important for regional variation in employment. However, we also find that the disruption in banking was central to the overall employment contraction |
| 主题 | Macroeconomics
; Business Cycles
; Money and Interest Rates
|
| URL | https://www.nber.org/papers/w24746
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| 来源智库 | National Bureau of Economic Research (United States)
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| 引用统计 |
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| 资源类型 | 智库出版物
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| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/582418
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推荐引用方式
GB/T 7714 |
Mark Gertler,Simon Gilchrist. What Happened: Financial Factors in the Great Recession. 2018.
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文件名：
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w24746.pdf
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格式：
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Adobe PDF
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