Are financial crises demand or supply shocks? (VOX)

A perennial and fundamental macroeconomic question is whether financial crises are negative demand or supply shocks. This column discusses how the response of international trade flows and prices to financial crises can shed light on the debate. Evidence based on a new dataset of two centuries of financial crises and trade suggests financial crises are clearly negative shocks to demand.

https://voxeu.org/article/are-financial-crises-demand-or-supply-shocks

Felipe Benguria, Alan M. Taylor

Lascia un commento

Il tuo indirizzo email non sarà pubblicato. I campi obbligatori sono contrassegnati *