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Liquidity, Trends and the Great Recession
http://hdl.handle.net/2261/55634
http://hdl.handle.net/2261/5563415590e7d-1b96-4443-9043-7ce1f5686dd3
| 名前 / ファイル | ライセンス | アクション |
|---|---|---|
wp031.pdf (513.9 kB)
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| Item type | テクニカルレポート / Technical Report(1) | |||||
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| 公開日 | 2015-05-11 | |||||
| タイトル | ||||||
| タイトル | Liquidity, Trends and the Great Recession | |||||
| 言語 | ||||||
| 言語 | eng | |||||
| 資源タイプ | ||||||
| 資源 | http://purl.org/coar/resource_type/c_18gh | |||||
| タイプ | technical report | |||||
| 著者 |
Guerron-Quintana, Pablo A.
× Guerron-Quintana, Pablo A.× Jinnai, Ryo |
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| 著者所属 | ||||||
| 著者所属 | Federal Reserve Bank of Philadelphia | |||||
| 著者所属 | ||||||
| 著者所属 | Texas A&M University | |||||
| 抄録 | ||||||
| 内容記述タイプ | Abstract | |||||
| 内容記述 | We study the impact that the liquidity crunch in 2008-2009 had on the U.S. economy’s growth trend. To this end, we propose a model featuring endogenous growth á la Romer and a liquidity friction á la Kiyotaki-Moore. A key finding in our study is that liquidity declined around the demise of Lehman Brothers, which lead to the severe contraction in the economy. This liquidity shock was a tail event. Improving conditions in financial markets were crucial in the subsequent recovery. Had conditions remained at their worst level in 2008, output would have been 20 percent below its actual level in 2011. | |||||
| 内容記述 | ||||||
| 内容記述タイプ | Other | |||||
| 内容記述 | 2012～2016年度科学研究費補助金[基盤研究(S)]「長期デフレの解明」(研究代表者 東京大学経済学研究科・渡辺努, 課題番号：24223003) | |||||
| 書誌情報 |
JSPS Grants-in-Aid for Scientific Research (S) Understanding Persistent Deflation in Japan Working Paper Series 巻 031, 発行日 2013-12 |
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| 出版者 | ||||||
| 出版者 | UTokyo Price Project | |||||
| 関係URI | ||||||
| 識別子タイプ | URI | |||||
| 関連識別子 | http://www.price.e.u-tokyo.ac.jp/researchdata/ | |||||
