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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

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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File URL: http://www.bostonfed.org/bankinfo/qau/wp/2008/qau0805.htm
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Bibliographic Info

Paper provided by Federal Reserve Bank of Boston in its series Risk and Policy 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;

This paper has been announced in the following NEP Reports:

References

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  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.
  2. Anil Kashyap & Raghuram Rajan & Jeremy S. Stein, 1998. "Banks as liquidity providers: an explanation for the co-existence of lending and deposit-taking," Proceedings, Federal Reserve Bank of Chicago, issue May, pages 90-112.
  3. 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.
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