| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w27733 |
| 来源ID | Working Paper 27733 |
| Payments Crises and Consequences | |
| Qian Chen; Christoffer Koch; Padma Sharma; Gary Richardson | |
| 发表日期 | 2020-08-31 |
| 出版年 | 2020 |
| 语种 | 英语 |
| 摘要 | Banking-system shutdowns during contractions scar economies. Four times in the last forty years, governors suspended payments from state-insured depository institutions. Suspensions of payments in Nebraska (1983), Ohio (1985), and Maryland (1985), which were short and occurred during expansions, had little measurable impact on macroeconomic aggregates. Rhode Island’s payments crisis (1991), which was prolonged and occurred during a recession, lengthened and deepened the downturn. Unemployment increased. Output declined, possibly permanently relative to what might have been. We document these effects using a novel Bayesian method for synthetic control that characterizes the principal types of uncertainty in this form of analysis. Our findings suggest policies that ensure banks continue to process payments during contractions – including the bailouts of financial institutions in 2008 and the unprecedented support of the financial system during the COVID crisis – have substantial value. |
| 主题 | Econometrics ; Estimation Methods ; Macroeconomics ; Business Cycles ; Money and Interest Rates ; Monetary Policy ; Financial Economics ; Financial Institutions |
| URL | https://www.nber.org/papers/w27733 |
| 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/585405 |
| 推荐引用方式 GB/T 7714 | Qian Chen,Christoffer Koch,Padma Sharma,et al. Payments Crises and Consequences. 2020. |
| 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 | ||
| w27733.pdf（4375KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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