Owens, Raymond E.; Schreft, Stacey L. - Federal Reserve Bank of Richmond - 1993
This article emphasizes the role of nonprice rationing in credit crunches. It proposes a process for identifying credit …, and a variable is constructed that indicates when credit crunches occurred. In addition, the article questions the … conventional wisdom that Regulation Q was the primary cause of the 1960s credit crunches. …