Contessi, Silvio; Francis, Johanna - Federal Reserve Bank of St. Louis - 2009
, Business Cycle, Financial crisis
∗We thank Ariel Weinberger for research assistance; Chanont Banternghansa and Yu Man Tam for …. Louis MO 63166-0442, silvio.contessi@stls.frb.org. Johanna Francis: Fordham University, Department
of Economics, E-507 Dealy … much larger than net flows, so, at any phase of the
business cycle, significant credit contraction and credit expansion co …