How important was the credit channel during the Great Depression?

• 영문명: How important was the credit channel during the Great Depression?
• 발행기관: 한국계량경제학회
• 저자명: Won Jun Nah
• 간행물 정보: 『한국계량경제학회 학술대회 논문집』2008년 하계학술대회, 1~49쪽, 전체 49쪽
• 주제분류: 경제경영 > 경제학
• 파일형태: PDF
• 발행일자: 2008.08.30

영문 초록

This study investigates quantitative signi…cance of the credit channel during the Great Depression. The main contributions of this paper include improvements in [1] model speci…cations and [2] identi…cation strategies. Distinct from the existing literature, the present study [1] derives implications for empirical model design directly from the theory of optimal …nancial contract, and then [2] decomposes historical business ‡uctuations into contributions of structural shocks based on long-run identifying restrictions. As a conclusion, the empirical …ndings from the study do not consistently support the view that the e¤ects of credit frictions were quantitatively important. This seems to be in line with microhistory studies on banking crises. The supplement of this paper de…nes and characterizes the optimal …nancial contract in the presence of dual costly state veri…cation.

목차

1 Introduction

2 Historical Background and Bernanke (1983)

3 Strucutal Approach by Anari-Kolari-Mason (2005)

4 Empirical Study Design

5 Impulse-Response Analyses and Variance Decomposition

6 Historical Decomposition

7 Supplement: The Optimal Financial Contract with Dual Costly State Veri…cation

8 References

9 Appendix 1