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• W3092078006 startingPage "101379" @default.
• W3092078006 abstract "We measure the contributions of loan supply shocks and other macroeconomic shocks to U.S. output dynamics during the Great Depression. Using structural vector autoregressions, we impose sign restrictions to identify shocks. We find that loan supply shocks contributed negatively to output growth between 1931 and 1933, at the same time as the U.S. experienced several waves of banking crises. Thus, our results support the view that disruptions in credit availability contributed to the depth and length of the Great Depression. We also find that adverse aggregate demand and monetary policy shocks were important factors in the downturn." @default.
• W3092078006 created "2020-10-15" @default.
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• W3092078006 date "2021-01-01" @default.
• W3092078006 modified "2023-10-02" @default.
• W3092078006 title "Decomposing the U.S. Great Depression: How important were loan supply shocks?" @default.
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• W3092078006 doi "https://doi.org/10.1016/j.eeh.2020.101379" @default.
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