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Assessing the Historical Role of Credit: Business Cycles, Financial Crises, and the Legacy of Charles S. Peirce

Oscar Jorda ()

No 2013-19, Working Paper Series from Federal Reserve Bank of San Francisco

Abstract: This paper provides a historical overview on financial crises and their origins. The objective is to discuss a few of the modern statistical methods that can be used to evaluate predictors of these rare events. The problem involves prediction of binary events and therefore fits modern statistical learning, signal processing theory, and classification methods. The discussion also emphasizes the need to supplement statistics and computational techniques with economics. A forecast’s success in this environment hinges on the economic consequences of the actions taken as a result of the forecast, rather than on typical statistical metrics of prediction accuracy.

Keywords: Financial crises; Statistical methods; Credit; Business cycles (search for similar items in EconPapers)
New Economics Papers: this item is included in nep-for, nep-his and nep-hpe
Date: 2013-07-01
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Journal Article: Assessing the historical role of credit: Business cycles, financial crises and the legacy of Charles S. Peirce (2014) Downloads
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Persistent link: https://EconPapers.repec.org/RePEc:fip:fedfwp:2013-19

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DOI: 10.24148/wp2013-19

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