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However the recent crisis at least in its initial

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Unformatted text preview: include those of Kiyotaki and Moore (1997) and Bernanke, Gertler, and Gilchrist (1999). However, the recent crisis, at least in its initial phase, 2 This category includes mutual funds, the government-sponsored enterprises (GSEs), GSE-backed mortgage pools, finance companies, real-estate investment trusts, broker-dealers, and funding corporations. The “market-based financial intermediaries” terminology derives from Adrian and Shin (forthcoming a). Financial Intermediation and Macroeconomic Analysis Figure 1 Financial Flows over the Most Recent Credit Cycle A: Contributions to U.S. Total Net Lending from Several Categories of Financial Institutions (quarterly, in billions of dollars) 2,000 1,500 $ billions 1,000 500 0 –500 Commercial banking Money market mutual funds Asset-backed securities issuers Other market-based financial institutions –1,000 –1,500 4 -Q 09 20 1 -Q 09 20 2 -Q 08 20 3 -Q 07 20 4 -Q 06 20 1 -Q 06 20 2 -Q 05 20 3 -Q 04 20 4 -Q 03 20 1 -Q 03 20 B: Contributions from Several Sour...
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This note was uploaded on 11/23/2013 for the course ECON 11837649 taught by Professor Batchelder during the Spring '10 term at Pepperdine.

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