The High Sensitivity of Economic Activity to Financial Frictions
By Robert E. Hall. 2011
137 citations recorded by the source corpus.
Subfields: Economics and Econometrics, Finance
View Paper: https://www.semanticscholar.org/paper/9412584a3d44115bae3d2b91c414bc9423573a22
How researchers see this paper
The researchers whose trusted networks rank it highest, strongest advocate first. Every researcher gets a different order.
In Economics and Econometrics
- Robert J. Vigfusson
- Gabriel Chodorow-reich
- Lutz Kilian
- A. Shleifer
- Egon Zakraǰsek
- V. Ramey
- Robin Greenwood
- J. Sim
In Finance
- A. Shleifer
- Egon Zakraǰsek
- Simon Gilchrist
- Gabriel Chodorow-reich
- Robin Greenwood
- Nicholas Barberis
- J. Sim
- R. Hall
Citations in the corpus
- The Role of Oil Price Shocks in Causing U.S. Recessions (2014, methodology): “…in monetary aggregates has given way to measures of the unexpected reduction in credit availability as a result of policy changes or of financial frictions (e.g., Romer and Romer 1989; Kiyotaki and Moore 1997; Bernanke, Gertler and Gilchrist 1999; Hall 2011; Gilchrist and Zakrajsek 2012).”
- The Employment Effects of Credit Market Disruptions: Firm-level Evidence from the 2008–9 Financial Crisis (2014, background): “The findings here provide direct evidence for a complementary channel that highlights the role of financial frictions in restricting the availability of credit to firms (Hall 2011; Gilchrist and Zakrajsek 2012; Stock and Watson 2012).”
- Predictable Financial Crises (2020, methodology): “In this way, the Kindleberger-Minsky view provides a foundation for the “credit supply shocks” often used as a starting point for modeling economic busts (Hall (2011), Eggertsson and Krugman (2012), Korinek and Simsek (2016), Guerrieri and Lorenzoni (2017), and Bordalo et al. (2021)).”
- Uncertainty, Financial Frictions, and Investment Dynamics (2014, methodology): “Early work by Summers [1981] and Hayashi [1982] in particular has found a substantial degree of adjustment costs in the investment process, while the more recent work indicates that this friction is likely to be less important. For example, using a large firm-level panel, Gilchrist and Himmelberg [1”
- Quantifying the Lasting Harm to the US Economy from the Financial Crisis (2015, background): “Hall (2011) discusses the surprising power of the financial wedge over general economic activity.”