Adalid, Ramón (contributor); Detken, Carsten (contributor) - 2007
periods are able to well explain the depth of post-boom recessions. We further suggest that liquidity shocks are a driving …We provide systematic evidence for the association of liquidity shocks and aggregate asset prices during mechanically … identified asset price boom/bust episodes for 18 OECD countries since the 1970s, while taking care of the endogeneity of money …