Finance and business cycles: the credit-driven household demand channel
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Bibliographische Detailangaben
Beteilige Person: Mian, Atif 1975- (VerfasserIn)
Format: Elektronisch E-Book
Sprache:Englisch
Veröffentlicht: Cambridge, Mass National Bureau of Economic Research February 2018
Schriftenreihe:NBER working paper series 24322
Links:http://www.nber.org/papers/w24322
http://www.nber.org/papers/w24322
https://doi.org/10.3386/w24322
Abstract:Every major financial crisis leaves its unique footprint on economic thought. The early banking crises taught us the importance of financial sector liquidity and the lender of last resort. The Great Depression highlighted the devastating effects of bank failures and the need for counter-cyclical fiscal and monetary policy. The Great Recession has brought to the surface the importance of credit-driven business cycles that operate through household demand. We discuss empirical evidence accumulated over the last decade supporting this view, and we also describe accompanying theoretical work that helps define these concepts
Umfang:1 Online-Ressource (46 Seiten) Diagramme
Format:Mode of access: World Wide Web
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DOI:10.3386/w24322