Great Spending Crashes
AbstractOver the last century, there have been four major peacetime crashes in aggregate nominal spending in the United States. We argue in this paper that these great spending crashes can be best understood from a monetary disequilibrium perspective. We examine this hypothesis using a structural vector autoregression that identifies the key monetary shocks implied by the monetary disequilibrium view. We find that these monetary shocks are the main contributors to each of the great spending crashes.
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Bibliographic InfoArticle provided by De Gruyter in its journal The B.E. Journal of Macroeconomics.
Volume (Year): 12 (2012)
Issue (Month): 1 (September)
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Web page: http://www.degruyter.com
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