Facts and Myths about the Financial

《Facts and Myths about the Financial》由会员上传分享，免费在线阅读，更多相关内容在学术论文-天天文库。

1、FederalReserveBankofMinneapolisResearchDepartmentFactsandMythsabouttheFinancialCrisisof2008V.V.Chari,LawrenceChristiano,andPatrickJ.KehoeWorkingPaper666October2008ABSTRACTTheUnitedStatesisindisputablyundergoinga…nancialcrisisandisperhapsheadedforadeeprecession.Hereweexaminethreeclaimsaboutt

2、hewaythe…nancialcrisisisa¤ectingtheeconomyasawholeandarguethatallthreeclaimsaremyths.Wealsopresentthreeunderappreciatedfactsabouthowthe…nancialsystemintermediatesfundsbetweenhouseholdsandcorporatebusi-nesses.Conventionalanalysesofthe…nancialcrisisfocusoninterestratespreads.Wearguethatsuchana

3、lysesmayleadtomistakeninferencesabouttherealcostsofborrowingandarguethat,dur-ing…nancialcrises,variationsinthelevelsofnominalinterestratesmightleadtobetterinferencesaboutvariationsintherealcostsofborrowing.Moreover,wearguethatevenifcurrentincreaseinspreadsindicateincreasesintheriskinessofthe

4、underlyingprojects,byitself,thisincreasedoesnotnecessarilyindicatetheneedformassivegovernmentintervention.Wecallforpolicymakerstoarticulatetheprecisenatureofthemarketfailuretheysee,topresenthardevidencethatdi¤erenti-atestheirviewofthedatafromotherviewswhichwouldnotrequiresuchintervention,and

5、tosharewiththepublicthelogicandevidencethatburnishesthecasethattheparticularinterventiontheyareadvocatingwill…xthismarketfailure.Chari,UniversityofMinnesotaandFederalReserveBankofMinneapolis;Christiano,NorthwesternUniversityandtheFederalReserveBankofMinnneapolis;Kehoe,FederalReserveBankofMi

6、nneapolis,UniversityofMinnesota,andNBER.AllthreeauthorsthanktheNSFforsupport.WethankMaximTroshkinforexcellentresearchassistance.TheviewsexpressedhereinarethoseoftheauthorsandnotnecessarilythoseoftheFederalReserveBankofMinneapolisortheFederalReserveSystem.Clearly,theUnitedStatesandtheworldeco

7、nomyareundergoingamajor…nancialcrisis.Hereweexamineseveralpiecesofevidenceonthenatureofthe…nancialcrisisandthemechanismsbywhichthe…nancialcrisisisthoughttoa¤ectthenon…nancialsectoroftheeconomy.ThattheUnitedStatesisundergoinga…nancialcrisiscannotbed