Financial intermediation and the Great Depression: a multiple equilibrium interpretation
The behavior of the US economy during the interwar period is explored from the perspective of a model in which the existence of nonconvexities in the intermediation process gives rise to a multiplicity of equilibria. The resulting indeterminacy is resolved through a sunspot process which leads to en...
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| Veröffentlicht in: | Carnegie-Rochester conference series on public policy 1995-12, Vol.43 (1), p.285-323 |
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| container_title | Carnegie-Rochester conference series on public policy |
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| creator | Ejarque, Joao Cooper, Russell |
| description | The behavior of the US economy during the interwar period is explored from the perspective of a model in which the existence of nonconvexities in the intermediation process gives rise to a multiplicity of equilibria. The resulting indeterminacy is resolved through a sunspot process which leads to endogenous fluctuations in aggregate economic activity. From this perspective, the Depression period is represented as a regime shift associated with a financial crisis. Contrary to observation, the model predicts a negative correlation of consumption and investment as well as a highly volatile capital stock. |
| doi_str_mv | 10.1016/0167-2231(95)00048-8 |
| format | Article |
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| fulltext | fulltext |
| identifier | ISSN: 0167-2231 |
| ispartof | Carnegie-Rochester conference series on public policy, 1995-12, Vol.43 (1), p.285-323 |
| issn | 0167-2231 1879-1328 |
| language | eng |
| recordid | cdi_proquest_journals_195870326 |
| source | RePEc; Periodicals Index Online; Alma/SFX Local Collection |
| subjects | Economic depression Economic models Economic theory History |
| title | Financial intermediation and the Great Depression: a multiple equilibrium interpretation |
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