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논문 기본 정보
- 자료유형
- 학술저널
- 저자정보
- 발행연도
- 2009.1
- 수록면
- 95 - 121 (27page)
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We apply the Business Cycle Accounting method a la Chari, Kehoe, and McGrattan (2007) to the Japanese and the Korean economy and quantitatively analyze the effects of financial frictions during the recent recessions. First, we compute exogenous distortions in the financial, government purchases, labor, and production markets. The preliminary results show that the sudden drop in production efficiency (TFP) was the main reason of the Korean recession while the increase in labor market distortions was the main reason of the Japanese slump. Next, we orthogonalize the innovations to the distortions and quantify the maximum spill-over effects of financial frictions on output fluctuations in both countries following Christiano and Davis (2006). Our results imply that financial frictions may have been important in explaining the recessions in both countries through their effects on TFP and labor market distortions.
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참고문헌 (18)
참고문헌 신청
Bernanke, B / 1999 / The Financial Accelerator in a Quantitative Business Cycle Framework.”, in Handbook of Macroeconomics / In J.Taylor and M.Woodford(eds.),Handbook of Mac
Carlstrom, C. T. / 1997 / Agency Costs, Net Worth, and Business Fluctuations: A Computable General Equilibrium Analysis / American Economic Review 87 (5) : 893 ~ 910
Chari, V. V / 2005 / Sudden Stops and Output Drops / American Economic Revie 95 (2) : 381 ~ 387
Chari, V. V / 2007 / Business Cycle Accounting / Econometrica 75 (3) : 781 ~ 836
Christiano, L / 1992 / Liquidity Effects and the Monetary Transmission Mechanism / American Economic Review 82 (2) : 346 ~
Carlstrom, C. T. / 1997 / Agency Costs, Net Worth, and Business Fluctuations: A Computable General Equilibrium Analysis / American Economic Review 87 (5) : 893 ~ 910
Chari, V. V / 2005 / Sudden Stops and Output Drops / American Economic Revie 95 (2) : 381 ~ 387
Chari, V. V / 2007 / Business Cycle Accounting / Econometrica 75 (3) : 781 ~ 836
Christiano, L / 1992 / Liquidity Effects and the Monetary Transmission Mechanism / American Economic Review 82 (2) : 346 ~
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