Lecture 7 Slides

Lecture 7 Slides - Economics 210c/236a Fall 2011 Christina...

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L ECTURE 7 The Effects of Credit Contractions October 12, 2011 Economics 210c/236a Christina Romer Fall 2011 David Romer
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I. O VERVIEW AND G ENERAL I SSUES
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Overview and General Issues A. Gertler & Gilchrist’s motivation: The need for a credit channel B. The gap between the costs of internal and external finance C. Changes in the importance of financial market imperfections D. A special class of firms: Financial institutions E. The importance of general equilibrium considerations F. The credit channel of monetary transmission G. Some terminology: The bank credit channel, the broad credit channel, and the bank capital channel
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II. G ERTLER AND G ILCHRIST , “M ONETARY P OLICY , B USINESS C YCLES , AND THE B EHAVIOR OF S MALL M ANUFACTURING F IRMS
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From: Gertler and Gilchrist, “Monetary Policy, Business Cycles, and the Behavior of Small Manufacturing Firms”
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From: Gertler and Gilchrist
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From: Gertler and Gilchrist
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From: Gertler and Gilchrist
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C ALOMIRIS AND H UBBARD , “I NTERNAL F INANCE AND I NVESTMENT : E VIDENCE FROM THE U NDISTRIBUTED P ROFITS T AX OF 1936-37”
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Lecture 7 Slides - Economics 210c/236a Fall 2011 Christina...

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