Benk, Szilárd; Gillman, Max; Kejak, Michal - 2009
decentralized banking that produces exchange credit. Positive shocks to credit productivity and money supply increase velocity, as … money demand falls, while a positive goods productivity shock raises temporary output and velocity. The paper explains such … the 1930s and the 1987 crashes, and again around 2003, results suggest that the money and credit shocks appear to be more …
