Journal Article

Searching for the financial accelerator: how credit affects the business cycle


Abstract: Firms started repaying their debts during 2008-2009, and they did so while simultaneously accumulating highly liquid assets. These two observations are puzzling if one believes firms are purportedly starving for credit but cannot obtain it.

Keywords: Business cycles; Credit;

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File(s): File format is application/pdf http://research.stlouisfed.org/publications/es/11/ES1130.pdf

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Bibliographic Information

Provider: Federal Reserve Bank of St. Louis

Part of Series: Economic Synopses

Publication Date: 2011

Order Number: 30