"This comprehensive historical account tells the story of 200 years of financial panics in America, from 1819 up to the current economic downturn of 2020, showing how and why so many financial crises have occurred in the United States and offering solutions to avoiding these sorts of crises...

This paper extends Nolan and Thoenissen (2009), hence NT, model with an explicit financial intermediary that transfer funds from households to entrepreneurs subject to a well defined loan production function. The loan productivity shock is treated as the supply side financial disturbance....

"Using "business cycle accounting" (BCA), Chari, Kehoe and McGrattan (2006) (CKM) conclude that models of financial frictions which create a wedge in the intertemporal Euler equation are not promising avenues for modeling business cycle dynamics. There are two reasons that this conclusion is not...