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Looking behind the aggregates: a reply to “Facts and Myths about the Financial Crisis of 2008”

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Author Info
Ethan Cohen-Cole
Burcu Duygan-Bump
José Fillat
Judit Montoriol-Garriga

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Abstract

As Chari et al (2008) point out in a recent paper, aggregate trends are very hard to interpret. They examine four common claims about the impact of financial sector phenomena on the economy and conclude that all four claims are myths. We argue that to evaluate these popular claims, one needs to look at the underlying composition of financial aggregates. Our findings show that most of the commonly argued facts are indeed supported by disaggregated data.

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Paper provided by Federal Reserve Bank of Boston in its series Quantitative Analysis Unit Working Paper with number QAU08-5.

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Date of creation: 2008
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Handle: RePEc:fip:fedbqu:qau08-5

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Related research
Keywords: Financial crises;

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Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
  1. Evan Gatev & Philip E. Strahan, 2006. "Banks' Advantage in Hedging Liquidity Risk: Theory and Evidence from the Commercial Paper Market," Journal of Finance, American Finance Association, vol. 61(2), pages 867-892, 04. [Downloadable!] (restricted)
  2. V.V. Chari & Lawrence J. Christiano & Patrick J. Kehoe, 2008. "Facts and myths about the financial crisis of 2008," Working Papers 666, Federal Reserve Bank of Minneapolis. [Downloadable!]
  3. Anil K. Kashyap & Raghuram Rajan & Jeremy C. Stein, 2002. "Banks as Liquidity Providers: An Explanation for the Coexistence of Lending and Deposit-Taking," Journal of Finance, American Finance Association, vol. 57(1), pages 33-73, 02. [Downloadable!] (restricted)
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