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Searching for the financial accelerator: how credit affects the business cycle


  • Adrian Peralta-Alva


Firms started repaying their debts during 2008-2009, and they did so while simultaneously accumulating highly liquid assets. These two observations are puzzling if one believes firms are purportedly starving for credit but cannot obtain it.

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  • Adrian Peralta-Alva, 2011. "Searching for the financial accelerator: how credit affects the business cycle," Economic Synopses, Federal Reserve Bank of St. Louis.
  • Handle: RePEc:fip:fedles:y:2011:n:30

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    References listed on IDEAS

    1. Daniel L. Thornton, 2007. "The lower and upper bounds of the Federal Open Market Committee's long-run inflation objective," Review, Federal Reserve Bank of St. Louis, issue May, pages 183-194.
    2. Bullard, James B., 2013. "Seven Faces of "The Peril"," Review, Federal Reserve Bank of St. Louis, issue Nov, pages 613-628.
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    Cited by:

    1. De Pace, Pierangelo & Weber, Kyle D., 2016. "The time-varying leading properties of the high yield spread in the United States," International Journal of Forecasting, Elsevier, vol. 32(1), pages 203-230.

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    Credit ; Business cycles;


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