Macroeconomic Effects of Financial Shocks

American Economic Review - Tập 102 Số 1 - Trang 238-271 - 2012
Urban J. Jermann1, Vincenzo Quadrini2
1Wharton School of the University of Pennsylvania and NBER, 3620 Locust Walk, Philadelphia, PA 19104.
2Marshall School of Business, University of Southern California, CEPR and NBER, 701 Exposition Blvd., Los Angeles, CA 90089.

Tóm tắt

We document the cyclical properties of US firms' financial flows and show that equity payout is procyclical and debt payout is countercyclical. We then develop a model with debt and equity financing to explore how the dynamics of real and financial variables are affected by “financial shocks.” We find that financial shocks contributed significantly to the observed dynamics of real and financial variables. The recent events in the financial sector show up as a tightening of firms' financing conditions which contributed to the 2008–2009 recession. The downturns in 1990–1991 and 2001 were also influenced by changes in credit conditions. (JEL E23, E32, E44, G01, G32)

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Thông tin
Thông tin xuất bản

American Economic Review

Tập 102 Số 1

238-271

Thông tin tác giả