| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w15338 |
| 来源ID | Working Paper 15338 |
| Macroeconomic Effects of Financial Shocks | |
| Urban Jermann; Vincenzo Quadrini | |
| 发表日期 | 2009-09-10 |
| 出版年 | 2009 |
| 语种 | 英语 |
| 摘要 | In this paper we document the cyclical properties of U.S. firms' financial flows. Equity payouts are procyclical and debt payouts are countercyclical. We develop a model with explicit roles for debt and equity financing and explore how the observed dynamics of real and financial variables are affected by `financial shocks', that is, shocks that affect the firms' capacity to borrow. Standard productivity shocks can only partially explain the movements in real and financial variables. The addition of financial shocks brings the model much closer to the data. The recent events in the financial sector show up clearly in our model as a tightening of firms' financing conditions causing the GDP decline in 2008-09. Our analysis also suggests that the downturns in 1990-91 and 2001 were strongly influenced by changes in credit conditions. |
| 主题 | Macroeconomics ; Business Cycles ; Financial Economics ; Financial Markets |
| URL | https://www.nber.org/papers/w15338 |
| 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/573013 |
| 推荐引用方式 GB/T 7714 | Urban Jermann,Vincenzo Quadrini. Macroeconomic Effects of Financial Shocks. 2009. |
| 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 | ||
| w15338.pdf（390KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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