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Identifier to cite or link to this item: https://hdl.handle.net/10086/27618

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Title
Financial Frictions, Trends, and the Great Recession
Creator
Creator Name
GUERRON-QUINTANA, Pablo A. GUERRON-QUINTANA, Pablo A.
Affiliation
Affiliation Name
Federal Reserve Bank of Philadelphia
Creator Name
JINNAI, Ryo JINNAI, Ryo
陣内, 了 陣内, 了
Affiliation
Affiliation Name
Hitotsubashi University
Editor
Contributor Name
Hitotsubashi Institute for Advanced Study, Hitotsubashi University
Abstract
We study the causes behind the shift in the U.S. economy's trend following the Great Recession. To this end, we propose a model featuring endogenous productivity á la Romer and a financial friction á la Kiyotaki-Moore. Adverse financial disturbances during the recession and the lack of strong tailwinds post crisis resulted in a severe contraction and the downward shift in the economy's trend. Had financial conditions remained stable during the crisis, the economy would have grown at its average growth rate. From a historical perspective, the Great Recession was unique because of the size and persistence of adverse shocks, and the lackluster performance of favorable shocks since 2010.
Publisher
Hitotsubashi Institute for Advanced Study, Hitotsubashi University
Issued Date
2015-10-05
Language
English(eng)
Resource Type
technical report
Version Type
VoR
Is Part OfRelation -
Related Title
Discussion paper series ; No. HIAS-E-14
Number of Pages
40
Appears in Collections
Discussion paper series / Hitotsubashi Institute for Advanced Study, Hitotsubashi University
URL
https://hdl.handle.net/10086/27618