Private Sector Debt, Financial Constraints, and the Effects of Monetary Policy: Evidence from the US
In: Oxford Bulletin of Economics and Statistics, Band 82, Heft 4, S. 889-915
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In: Oxford Bulletin of Economics and Statistics, Band 82, Heft 4, S. 889-915
SSRN
In: Journal of monetary economics, Band 131, S. 45-60
In: ECB Working Paper No. 2021/2613
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In: Hong Kong Institute for Monetary and Financial Research (HKIMR) Research Paper WP No. 16/2021
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In: The quarterly review of economics and finance, Band 58, S. 154-162
ISSN: 1062-9769
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In: Explorations in economic history: EEH, Band 79, S. 101379
ISSN: 0014-4983
In: European review of economic history: EREH, Band 26, Heft 1, S. 1-37
ISSN: 1474-0044
Abstract
At the peak of the Great Depression in mid-1931, Germany experienced a severe banking crisis. We study to what extent credit constraints contributed to the downturn by fitting a structural vector autoregressive model with data from January 1925 to September 1935. Adverse credit supply shocks contributed strongly to the downturn especially at the time of the 1931 banking crisis. Before that, credit supply shocks had also contributed to the expansion phase preceding the depression. We also find that aggregate demand and U.S. business cycle shocks were the primary drivers of the German Great Depression.