Kaufmann, Robert K.; Gonzalez, Nancy; Nickerson, Thomas A. - In: Energy Economics 33 (2011) 2, pp. 188-194
We postulate a direct role for energy prices in the 2008 financial crisis. Rising energy prices constrain consumer budgets and thereby raise mortgage delinquency rates. This hypothesis is tested by estimating a quarterly cointegrating vector autoregressive (CVAR) model that seeks to quantify the...