Which Financial Frictions? Parsing the Evidence from the Financial Crisis of 2007-9
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The financial crisis of 2007-9 has sparked keen interest in models of financial frictions and their impact on macro activity. Most models share the feature that borrowers suffer a contraction in the quantity of credit. However, the evidence suggests that although bank lending to firms declines
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美国国家经济研究局创建时间：
2012-08-01
