When Do Credit Frictions Matter for Business Cycles?

FRB Economic Quarterly, Vol. 98, No. 3, Third Quarter 2012, pp. 209-230

22 Pages Posted: 19 May 2013

See all articles by Felipe F. Schwartzman

Felipe F. Schwartzman

Federal Reserve Banks - Federal Reserve Bank of Richmond

Abstract

Since the Great Recession there has been renewed interest in introducing credit frictions in business cycle models. However, in order for credit frictions to be quantitatively meaningful and qualitatively realistic in business cycles, it is necessary to depart from conventional assumptions about production technology or preferences and/or add additional frictions. This article reviews some of those departures and additions.

Suggested Citation

Schwartzman, Felipe F., When Do Credit Frictions Matter for Business Cycles?. FRB Economic Quarterly, Vol. 98, No. 3, Third Quarter 2012, pp. 209-230, Available at SSRN: https://ssrn.com/abstract=2266076

Felipe F. Schwartzman (Contact Author)

Federal Reserve Banks - Federal Reserve Bank of Richmond ( email )

P.O. Box 27622
Richmond, VA 23261
United States

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