Financial Factors in Economic Fluctuations

Roberto Motto, Massimo Rostagno () and Lawrence Christiano
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Roberto Motto: European Central Bank

No 141, 2010 Meeting Papers from Society for Economic Dynamics

Abstract: the financial sector and accounts for a significant portion of business cycle fluctuations. We do a detailed study of the role of this shock in the boom-bust of the late 1990s and early 2000s. The new nominal friction corresponds to the fact that lending contracts are typically denominated in nominal terms. Consistent with Fisher (1933), we show that the distributional consequences of this nominal rigidity play an important role in the propagation of shocks.

Date: 2010
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Working Paper: Financial factors in economic fluctuations (2010)
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