Bordo, Michael D.; Haubrich, Joseph G. - Federal Reserve Bank of Cleveland - 2009
The relatively infrequent nature of major credit distress events makes a historical approach particularly useful. Using … a combination of historical narrative and econometric techniques, we identify major periods of credit distress from 1875 … to 2007, examine the extent to which credit distress arises as part of the transmission> of monetary policy, and document …
