Nobel Lecture: Banking, Credit, and Economic Fluctuations†

• 成果类型: Article
• 署名作者: Bernanke, Ben S.
• 署名单位: Brookings Institution
• 刊物名称: AMERICAN ECONOMIC REVIEW
• ISSN/ISSBN: 0002-8282
• DOI: 10.1257/aer.113.5.1143
• 发表日期: 2023
• 页码: 1143-1169
• 关键词: monetary-policy; Financial crisis; CONSEQUENCES; EMPLOYMENT; collapse; MARKETS; AGENCY; COSTS; runs

摘要

Credit markets, including the market for bank loans, are character-ized by imperfect and asymmetric information. These informational frictions can interact with other economic forces to produce periods of credit-market stress, in which intermediation is unusually costly and households and businesses have difficulty obtaining credit. A high level of credit-market stress, as in a severe financial crisis, may in turn produce a deep and prolonged recession. I present evidence that financial distress and disrupted credit markets were important sources of the Great Depression of the 1930s and the Great Recession of 2007-2009. Changes in the state of credit markets also play a role in garden-variety business cycles and in the transmission of mon-