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1、TheFinancialAcceleratorandtheFlighttoQualityAuthor(s):BenBernanke,MarkGertlerandSimonGilchristReviewedwork(s):Source:TheReviewofEconomicsandStatistics,Vol.78,No.1(Feb.,1996),pp.1-15Publishedby:TheMITPressStableURL:http://www.jstor.org/stable/2109844.Access
2、ed:26/01/201309:17YouruseoftheJSTORarchiveindicatesyouracceptanceoftheTerms&ConditionsofUse,availableat.http://www.jstor.org/page/info/about/policies/terms.jsp.JSTORisanot-for-profitservicethathelpsscholars,researchers,andstudentsdiscover,use,andbuildupona
3、widerangeofcontentinatrusteddigitalarchive.Weuseinformationtechnologyandtoolstoincreaseproductivityandfacilitatenewformsofscholarship.FormoreinformationaboutJSTOR,pleasecontactsupport@jstor.org..TheMITPressiscollaboratingwithJSTORtodigitize,preserveandexte
4、ndaccesstoTheReviewofEconomicsandStatistics.http://www.jstor.orgThiscontentdownloadedonSat,26Jan201309:17:25AMAllusesubjecttoJSTORTermsandConditionsTheReviewofEconomicsandStatisticsVOL.LXXVIIIFEBRUARY1996NUMBER1SYMPOSIUMONDEVELOPMENTSINBUSINESSCYCLERESEARC
5、HThearticlesinthissymposiumcoversomeofthemostactiveareasofresearchinmacroeconomics.Bydesign,eacharti-cleisstructuredtopresentbothatheoreticalframeworkandempiricalevidence.Throughthisstructure,thearticlessynthe-sizerecentdevelopments,presentnewresults,andpr
6、ovideguidanceonavenuesforfurtherresearch.EarlierversionsofthesepaperswerepresentedattheEconomicFluctuationsresearchmeetingoftheNationalBureauofEconomicResearchonOctober22and23,1993.AllpapersweresubjecttothepeerrefereeprocessthatisstandardattheReviewofEcono
7、micsandStatistics.TheReviewgratefullyacknowledgestheeffortsofProfessorRussellCooperofBostonUniversityandProfessorStevenDurlaufoftheUniversityofWisconsin(Madison),whovolunteeredtheirservicestoworkasspecialco-editorsforthissymposium,withtheassistanceofthecha
8、iroftheboardofeditorsoftheReview,JamesStock.THEFINANCIALACCELERATORANDTHEFLIGHTTOQUALITYBenBernanke,MarkGertler,andSimonGilchrist*Abstract-Adverseshockstotheeconomymaybeamplifiedbyworseningisthatchangesincred
