| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w28201 |
| 来源ID | Working Paper 28201 |
| Credit Frictions in the Great Recession | |
| Patrick J. Kehoe; Pierlauro Lopez; Virgiliu Midrigan; Elena Pastorino | |
| 发表日期 | 2020-12-14 |
| 出版年 | 2020 |
| 语种 | 英语 |
| 摘要 | Although a credit tightening is commonly recognized as a key determinant of the Great Recession, to date, it is unclear whether a worsening of credit conditions faced by households or by firms was most responsible for the downturn. Some studies have suggested that the household-side credit channel is quantitatively the most important one. Many others contend that the firm-side channel played a crucial role. We propose a model in which both channels are present and explicitly formalized. Our analysis indicates that the household-side credit channel is quantitatively more relevant than the firm-side credit channel. We then evaluate the relative benefits of a fixed-sized transfer to households and to firms that improves each group's access to credit. We find that the effects of such a transfer on employment are substantially larger when the transfer targets households rather than firms. Hence, we provide theoretical and quantitative support to the view that the employment decline during the Great Recession would have been less severe if instead of focusing on easing firms' access to credit, the government had expended an equal amount of resources to alleviate households' credit constraints. |
| 主题 | Macroeconomics ; Consumption and Investment ; Business Cycles ; Fiscal Policy ; Financial Economics ; Labor Economics ; Labor Compensation ; Unemployment and Immigration |
| URL | https://www.nber.org/papers/w28201 |
| 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/585875 |
| 推荐引用方式 GB/T 7714 | Patrick J. Kehoe,Pierlauro Lopez,Virgiliu Midrigan,et al. Credit Frictions in the Great Recession. 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 | ||
| w28201.pdf（2098KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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