How do business and financial cycles interact?

Journal of International Economics

Volumn 87, Issue 1, 2012, Pages 178-190

  Claessens, Stijn ^a,b,c   Kose, M Ayhan ^a   Terrones, Marco E ^a  

^a INTERNATIONAL MONETARY FUND   (United States)

^b UNIVERSITY OF AMSTERDAM   (Netherlands)

^c CEPR   (United Kingdom)

Author keywords

Asset busts; Booms; Credit crunches; Financial crises; Recessions; Recoveries

Indexed keywords

BUSINESS CYCLE; CRISIS MANAGEMENT; ECONOMIC DEVELOPMENT; ECONOMIC GROWTH; FINANCIAL CRISIS; FINANCIAL MARKET;

EID: 84860308602     PISSN: 00221996     EISSN: None     Source Type: Journal    
DOI: 10.1016/j.jinteco.2011.11.008     Document Type: Article

References (40)

1. Adrian Tobias, Shin Hyun Song Financial intermediary leverage and value at risk. Staff Reports 338 2008, Federal Reserve Bank of New York.
2. Backus David K., Kehoe Patrick J. International evidence on the historical properties of business cycles. American Economic Review 1992, 82:864-888.
3. Balke Nathan S., Wynne Mark A. Are deep recessions followed by strong recoveries?. Economic Letters 1992, 39(2):183-189.
4. Bernanke Ben S., Gertler Mark, Gilchrist Simon The financial accelerator in a quantitative business cycle framework. Handbook of Macroeconomics, vol. 1, chapter 21 1999, 1341-1393. J.B. Taylor, M. Woodford (Eds.).
5. Bordo Michael D., Haubrich Joseph G. Credit crises, money and contractions: an historical view. Journal of Monetary Economics 2010, 57:1-18.
6. Brunnermeier Markus, Sannikov Yuliy A macroeconomic model with a financial sector. Working Paper 2011, Princeton University.
7. Bry Gerhard, Boschan Charlotte Cyclical Analysis of Time Series: Selected Procedures and Computer Programs 1971, NBER, New York.
8. Burns Arthur, Mitchell Wesley Measuring Business Cycles 1946, NBER, New York.
9. Caballero Ricardo J. Macroeconomics after the crisis: time to deal with the pretense-of-knowledge syndrome. Journal of Economic Perspectives 2010, 24(4):85-102.
10. Campbell John Consumption-based asset pricing. Handbook of the Economics of Finance 2003, Chapter 13. G.M. Constantinides, M. Harris, R. Stulz (Eds.).
11. Canova Fabio Detrending and business cycle facts. Journal of Monetary Economics 1998, 41(3):475-512.
12. Carrol Christopher D., Otsuka Misuzu, Slacalek Jirka How large is the housing wealth effect? A new approach. JHU Economics Working Paper Archive 535 2006.
13. Cecchetti Stephen G. Measuring the macroeconomic risks posed by asset price booms. Asset Prices and Monetary Policy 2006, J.Y. Campbell (Ed.).
14. Claessens Stijn, Kose M.Ayhan, Terrones Marco What happens during recessions, crunches, and busts?. Economic Policy 2009, 60:653-700.
15. Claessens Stijn, Kose M.Ayhan, Terrones Marco Financial cycles: what? how? when?. NBER 2010 International Seminar on Macroeconomics 2011, 303-343. University of Chicago Press. R. Clarida, F. Giavazzi (Eds.).
16. Claessens Stijn, Kose M.Ayhan, Terrones Marco How do business and financial cycles interact?. IMF Working Paper, No. 11/88, Washington, D.C. 2011.
17. Diebold Francis X., Rudebusch Glenn, Sichel Daniel Further evidence on business-cycle duration dependence. Business Cycles, Indicators and Forecasting 1993, 255-284. J. Stock, M. Watson (Eds.).
18. Engel Charles, West Kenneth D. Exchange rates and fundamentals. Journal of Political Economy 2005, 113(3):485-517.
19. Fisher Irving The debt-deflation theory of the great depressions. Econometrica 1933, 1:337-357.
20. Friedman Benjamin M., Kuttner Kenneth N. Economic activity and the short-term credit markets: an analysis of prices and quantities. BPEA 1993, (2):193-283.
21. Gertler Mark Financial structure and aggregate economic activity: an overview. Journal of Money, Credit, and Banking 1988, 20(3):559-588.
22. Gertler Mark, Kiyotaki Nobuhiro Financial intermediation and credit policy in business cycle analysis. Handbook of Monetary Economics, vol. 3 2010, B.M. Friedman, M. Woodford (Eds.).
23. Harding Don, Pagan Adrian Dissecting the cycle: a methodological investigation. Journal of Monetary Economics 2002, 49:365-381.
24. Helbling Thomas, Raju Huidrom M., Kose Ayhan, Otrok Christopher Do credit shocks matter? A global perspective. European Economic Review 2011, 55:340-353.
25. Iacoviello Matteo House prices, borrowing constraints, and monetary policy in the business cycle. American Economic Review 2005, 95(3):739-764.
26. Keynes John M. The general theory of employment interest and money. Vol. VII, The Collected Writings of John Maynard Keynes 1936, (1973). D.E. Moggridge (Ed.).
27. Kishor N.Kundan Does consumption respond more to housing wealth than to financial market wealth? If so, why?. The Journal of Real Estate Finance and Economics 2007, 35(4):427-448.
28. Kiyotaki Nobuhiro, Moore John Credit cycles. Journal of Political Economy 1997, 105:211-248.
29. Kose M.Ayhan Review of "This Time is Different: Eight Centuries of Financial Folly" by Carmen Reinhart and Kenneth Rogoff. Journal of International Economics 2011, 84(1):132-134.
30. Kose M.Ayhan, Prasad Eswar, Terrones Marco How do trade and financial integration affect the relationship between growth and volatility?. Journal of International Economics 2006, 69(1):176-202.
31. Leamer Edward E. Housing is the business cycle. Economic Symposium Conference Proceedings 2007, 149-233. Federal Reserve Bank of Kansas City.
32. Lown Cara, Morgan Donald P. The credit cycle and the business cycle: new findings using the loan officer opinion survey. Journal of Money, Credit, and Banking 2006, 38(6):1575-1597.
33. Mendoza Enrique G. Sudden stops, financial crises, and leverage. American Economic Review 2010, 100(5):1941-1966.
34. Mendoza Enrique, Terrones Marco E. An anatomy of credit booms: evidence from macro aggregates and micro data. NBER Working Paper No. 14049 2008.
35. Mussa Michael World recession and recovery: a V or an L?. Working Paper 2009, Peterson Institute for International Economics.
36. Ohn Jonathan, Taylor Larry W., Pagan Adrian Testing for duration dependence in economic cycles. The Econometrics Journal 2004, 7(2):528-549.
37. Reinhart Carmen M., Rogoff Kenneth S. This Time is Different: Eight Centuries of Financial Folly 2009, Princeton University Press.
38. Sichel Daniel E. Inventories and the three phase of the business cycle. Journal of Business & Economic Statistics 1994, 12(3):269-277.
39. Stock James, Watson Mark W. Business cycle fluctuations in US macroeconomic time series. Handbook of Macroeconomics, vol. 1 1999, 3-64. J.B. Taylor, M. Woodford (Eds.).
40. Woodford Michael Financial intermediation and macroeconomic analysis. Journal of Economic Perspectives 2010, 2(4):21-44.