Credit crises, money and contractions: An historical view

被引：55

作者：

Bordo, Michael D. ^{[2
,3
]}

Haubrich, Joseph G. ^{[1
]}

机构：

[1] Fed Reserve Bank Cleveland, Res Dept, Cleveland, OH 44101 USA

[2] NBER, Cambridge, MA 02138 USA

[3] Rutgers State Univ, Piscataway, NJ 08855 USA

来源：

JOURNAL OF MONETARY ECONOMICS | 2010年 / 57卷 / 01期

基金：

美国国家科学基金会;

关键词：

Credit; Monetary policy; Business cycles; AGENCY COSTS; NET WORTH; POLICIES; FLUCTUATIONS; PORTFOLIO; PANICS;

D O I：

10.1016/j.jmoneco.2009.10.015

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

The relatively infrequent nature of major credit distress events makes an historical approach particularly useful. Using a combination of historical narrative and econometric techniques, we identify major periods of credit distress from 1875 to 2007, examine the extent to which credit distress arises as part of the transmission of monetary policy, and document the subsequent effect on output. Using turning points defined by the Harding-Pagan algorithm, we identify and compare the timing, duration, amplitude and co-movement of cycles in money, credit and output. Regressions show that financial distress events exacerbate business cycle downturns both in the 19th and 20th centuries and that a confluence of such events makes recessions even worse. (C) 2009 Elsevier B.V. All rights reserved.

引用

页码：1 / 18

页数：18