Arbeitspapier
Credit Shocks in the Financial Deregulatory Era: Not the Usual Suspects
The paper constructs credit shocks using data and the solution to a monetary business cycle model. The model extends the standard stochastic cash-in-advance economy by including the production of credit that serves as an alternative to money in exchange. Shocks to goods productivity, money, and credit productivity are constructed robustly using the solution to the model and quarterly US data on key variables. The contribution of the credit shock to US GDP movements is found, and this is interpreted in terms of changes in banking legislation during the US financial deregulation era. The results put forth the credit shock as a candidate shock that matters in determining GDP, including in the sense of Uhlig (2003).
- Sprache
-
Englisch
- Erschienen in
-
Series: Cardiff Economics Working Papers ; No. E2005/13
- Klassifikation
-
Wirtschaft
Business Fluctuations; Cycles
Financial Markets and the Macroeconomy
- Thema
-
Business cycle
credit shocks
financial deregulation
- Ereignis
-
Geistige Schöpfung
- (wer)
-
Benk, Szilárd
Gillman, Max
Kejak, Michal
- Ereignis
-
Veröffentlichung
- (wer)
-
Cardiff University, Cardiff Business School
- (wo)
-
Cardiff
- (wann)
-
2005
- Handle
- Letzte Aktualisierung
- 10.03.2025, 10:44 UTC
Datenpartner
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Objekttyp
- Arbeitspapier
Beteiligte
- Benk, Szilárd
- Gillman, Max
- Kejak, Michal
- Cardiff University, Cardiff Business School
Entstanden
- 2005
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