Aggregate Price Shocks and Financial Stability: The United Kingdom 1796-1999
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This paper investigates the impact historically of aggregate price shocks on financial stability in the United Kingdom. We construct an annual index of U.K. financial conditions for 1790-1999 and use a dynamic probit model to estimate the effect of aggregate price shocks on the index. We find that
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美国国家经济研究局创建时间:
2001-11-01



