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The Gold Standard, Deflation, and Financial Crisis in the Great Depression : An International Comparison
Bernanke, Ben - 1990
Recent research has provided strong circumstantial evidence for the proposition that sustained deflation -- the result … mechanism by which deflation led to depression. In this paper we consider several channels, including effects operating through … real wages and through interest rates. Our focus, however, is on the disruptive effect of deflation on the financial system …
Persistent link: https://www.econbiz.de/10012475539
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Does Occupational Licensing Reduce Job Loss During Recessions?
Blair, Peter Q.; Chung, Bobby W. - National Bureau of Economic Research - 2024
Licensed workers could be shielded from unemployment during recession since occupational licensing laws are asymmetric--making unlicensed workers an illegal substitute for licensed workers but not the reverse. We test our hypothesis using a difference-in-differences event study research design...
Persistent link: https://www.econbiz.de/10014544764
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Was Expansionary Monetary Policy Feasible During the Great Contraction? An Examination of the Gold Standard Constraint
Bordo, Michael D. - 1999
was not constrained from using expansionary policy to offset banking panics, deflation, and declining economic activity …
Persistent link: https://www.econbiz.de/10012471669
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Non-Monetary Effects of the Financial Crisis in the Propagation of the Great Depression
Bernanke, Ben - 1983
This paper examines the effects of the financial crisis of the 1930s onthe path of aggregate output during that period. Our approach is complementary to that of Friedman and Schwartz, who emphasized the monetary impact of the bank failures; we focus on non-monetary (primarily credit-related)...
Persistent link: https://www.econbiz.de/10012478049
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Systemic Risk and the Great Depression
Das, Sanjiv R. - 2018
We employ a unique hand-collected dataset and a novel methodology to examine systemic risk before and after the largest U.S. banking crisis of the 20th century. Our systemic risk measure captures both the credit risk of an individual bank as well as a bank's position in the network. We construct...
Persistent link: https://www.econbiz.de/10012481052
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(S)Cars and the Great Recession
Attanasio, Orazio - 2020
US households' consumption and car purchases collapsed during the Great Recession, for reasons that are still poorly understood. In this paper we use the Consumer Expenditure Survey to derive cohort and business cycle decompositions of consumption profiles. When decomposing the car expenditure...
Persistent link: https://www.econbiz.de/10012482176
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How New Fed Corporate Bond Programs Dampened the Financial Accelerator in the Covid-19 Recession
Bordo, Michael D. - 2020
In the financial crisis and recession induced by the Covid-19 pandemic, many investment-grade firms became unable to borrow from securities markets. In response, the Fed not only reopened its commercial paper funding facility but also announced it would purchase newly issued and seasoned bonds...
Persistent link: https://www.econbiz.de/10012482316
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Credit Frictions in the Great Recession
Kehoe, Patrick J. - 2020
Although a credit tightening is commonly recognized as a key determinant of the Great Recession, to date, it is unclear whether a worsening of credit conditions faced by households or by firms was most responsible for the downturn. Some studies have suggested that the household-side credit...
Persistent link: https://www.econbiz.de/10012482420
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The Recovery From The Great Recession : A Long, Evolving Expansion
Shambaugh, Jay C.; Strain, Michael R. - National Bureau of Economic Research - 2021
Prior to 2020, the Great Recession was the most important macroeconomic shock to the United States economy in generations. Millions lost jobs and homes. At its peak, one in ten workers who wanted a job could not find one. On an annual basis, the economy contracted by more than it had since the...
Persistent link: https://www.econbiz.de/10012482669
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The Propagation of Regional Recessions
Hamilton, James D. - 2011
This paper develops a framework for inferring common Markov-switching components in a panel data set with large cross-section and time-series dimensions. We apply the framework to studying similarities and differences across U.S. states in the timing of business cycles. We hypothesize that there...
Persistent link: https://www.econbiz.de/10012462000