Title of article
FinancialshocksandtheUSbusinesscycle$
Author/Authors
CharlesNolan ، نويسنده , , ChristophThoenissen، نويسنده ,
Issue Information
روزنامه با شماره پیاپی سال 2008
Pages
9
From page
596
To page
604
Abstract
Employingthefinancialaccelerator(FA)modelofBernankeetal.[1999.TheFinancial
acceleratorinaquantitativebusinesscycleframework.In:Taylor,J.B.,Woodford,M.
(Eds.),HandbookofMacroeconomics,vol.1C.HandbooksinEconomics,vol.15.Elsevier,
Amsterdam, pp.1341–1393]enhancedtoincludeashocktotheFAmechanism,we
constructandstudyshockstotheefficiencyofthefinancialsectorduringpost-warUS
businesscycles.Theseshocksarefoundto(i)beverytightlylinkedwiththeonsetof
recessions, moresothanTFPormonetaryshocks;(ii)remaincontractionaryafter
recessions haveended;(iii)accountforalargepartofthevarianceofGDP;(iv)be
generallymuchmoreimportantthanmoneyshocksand(v)bestronglynegatively
correlated withtheexternalfinancepremium.
Keywords
Financial acceleratorFinancial shocksMacroeconomic volatility
Journal title
Journal of Monetary Economics
Serial Year
2008
Journal title
Journal of Monetary Economics
Record number
846315
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