Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/168208
Authors: 
Breitenlechner, Max
Scharler, Johann
Year of Publication: 
2017
Series/Report no.: 
Beiträge zur Jahrestagung des Vereins für Socialpolitik 2017: Alternative Geld- und Finanzarchitekturen - Session: Business Cycles II G07-V2
Abstract: 
We evaluate contributions of exogenous loan supply shocks to output dynamics during the Great Depression. Based on a structural VAR, we impose sign restrictions to identify loan supply shocks in addition to standard macroeconomic shocks. Our results indicate that the banking panics that occurred in the early 1930s were associated with negative loan supply shocks, supporting the view that disruptions in financial intermediation contributed significantly to the severity of the Great Depression.
JEL: 
C32
E32
E44
N12
N22
Document Type: 
Conference Paper

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