THE MACROECONOMIC CONSEQUENCES OF THE SAVINGS-AND-LOAN DEBACLE
成果类型：
Note
署名作者：
MANCHESTER, J; MCKIBBIN, WJ
署名单位：
Congressional Budget Office; Australian National University; Brookings Institution
刊物名称：
REVIEW OF ECONOMICS AND STATISTICS
ISSN/ISSBN：
0034-6535
DOI：
10.2307/2109983
发表日期：
1994-08
页码：
579-584
关键词：
摘要：
This paper used a general equilibrium framework to examine the macroeconomic consequences of the recent failures and subsequent bailout in the savings and loan industry. We distinguish between the losses in the capital stock, the economic effects of alternative methods of funding those real losses, and the intertemporal transfer of real resources implicit in backing the financial assets used. We then embed the analysis in a general equilibrium, multi-country model with intertemporal budget constraints that allows for the interaction of intertemporal adjustment and expectation revision. The more complete model is used to explore the consequences of the S&L debacle on the evolution of the U.S. economy during the 1980's and 1990s.
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