Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/65798
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dc.contributor.authorLiu, Chunpingen_US
dc.contributor.authorMinford, Patricken_US
dc.date.accessioned2012-09-19en_US
dc.date.accessioned2012-11-02T14:28:51Z-
dc.date.available2012-11-02T14:28:51Z-
dc.date.issued2012en_US
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_US
dc.language.isoengen_US
dc.publisher|aCardiff University, Cardiff Business School |cCardiffen_US
dc.relation.ispartofseries|aCardiff Economics Working Papers |xE2012/22en_US
dc.subject.jelC12en_US
dc.subject.jelC52en_US
dc.subject.jelE12en_US
dc.subject.jelG01en_US
dc.subject.jelG1en_US
dc.subject.ddc330en_US
dc.subject.keywordfinancial frictionsen_US
dc.subject.keywordcredit channelen_US
dc.subject.keywordbank crisisen_US
dc.subject.keywordindirect inferenceen_US
dc.titleHow important is the credit channel? An empirical study of the US banking crisisen_US
dc.typeWorking Paperen_US
dc.identifier.ppn726104094en_US
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungenen_US

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