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dc.contributor.authorLiu, Chunpingen
dc.contributor.authorMinford, Patricken
dc.date.accessioned2012-09-19-
dc.date.accessioned2012-11-02T14:28:51Z-
dc.date.available2012-11-02T14:28:51Z-
dc.date.issued2012-
dc.identifier.urihttp://hdl.handle.net/10419/65798-
dc.description.abstractWe examine whether by adding a credit channel to the standard New Keynesian model we can account better for the behaviour of US macroeconomic data up to and including the banking crisis. We use the method of indirect inference which evaluates statistically how far a model is simulated behaviour mimics the behaviour of the data. We find that the model with credit dominates the standard model by a substantial margin. The credit channel is the main contributor to the variation in the output gap during the crisis.en
dc.language.isoengen
dc.publisher|aCardiff University, Cardiff Business School |cCardiffen
dc.relation.ispartofseries|aCardiff Economics Working Papers |xE2012/22en
dc.subject.jelC12en
dc.subject.jelC52en
dc.subject.jelE12en
dc.subject.jelG01en
dc.subject.jelG1en
dc.subject.ddc330en
dc.subject.keywordfinancial frictionsen
dc.subject.keywordcredit channelen
dc.subject.keywordbank crisisen
dc.subject.keywordindirect inferenceen
dc.titleHow important is the credit channel? An empirical study of the US banking crisis-
dc.typeWorking Paperen
dc.identifier.ppn726104094en
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungenen

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