Quantifying the Effect of Financial Conditions on US Activity:
This paper constructs a broad measure of financial conditions for the United States which suggests that since the onset of the credit crisis there has been a marked tightening in financial conditions, despite a substantial easing of policy rates and a depreciation of the dollar. This measure of over...
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| Format: | Elektronisch E-Book |
| Sprache: | English |
| Veröffentlicht: |
Paris
OECD Publishing
2008
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| Schriftenreihe: | OECD Economics Department Working Papers
no.635 |
| Schlagworte: | |
| Online-Zugang: | Volltext |
| Zusammenfassung: | This paper constructs a broad measure of financial conditions for the United States which suggests that since the onset of the credit crisis there has been a marked tightening in financial conditions, despite a substantial easing of policy rates and a depreciation of the dollar. This measure of overall financial conditions includes interest rate spreads for riskier borrowers and a survey measure of the tightness of bank lending standards, which have been the main drivers behind the tightening in financial conditions. Indeed, recent data suggest that the trend deterioration in overall financial conditions has continued into the second half of 2008. The effect of the tightening in overall financial conditions already experienced may subtract 1¾ per cent from GDP over the next four to six quarters. Not only have financial conditions continued to worsen, but much of the impact on the real economy has yet to be felt. |
| Beschreibung: | 1 Online-Ressource (19 p.) 21 x 29.7cm. |
| DOI: | 10.1787/236860073636 |
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| spelling | Guichard, Stéphanie VerfasserIn aut Quantifying the Effect of Financial Conditions on US Activity Stéphanie, Guichard and David, Turner = Une mesure de l'impact des conditions financières sur l'activité aux États-Unis / Stéphanie, Guichard et David, Turner Une mesure de l'impact des conditions financières sur l'activité aux États-Unis Paris OECD Publishing 2008 1 Online-Ressource (19 p.) 21 x 29.7cm. Text txt rdacontent Computermedien c rdamedia Online-Ressource cr rdacarrier OECD Economics Department Working Papers no.635 This paper constructs a broad measure of financial conditions for the United States which suggests that since the onset of the credit crisis there has been a marked tightening in financial conditions, despite a substantial easing of policy rates and a depreciation of the dollar. This measure of overall financial conditions includes interest rate spreads for riskier borrowers and a survey measure of the tightness of bank lending standards, which have been the main drivers behind the tightening in financial conditions. Indeed, recent data suggest that the trend deterioration in overall financial conditions has continued into the second half of 2008. The effect of the tightening in overall financial conditions already experienced may subtract 1¾ per cent from GDP over the next four to six quarters. Not only have financial conditions continued to worsen, but much of the impact on the real economy has yet to be felt. Economics Turner, David MitwirkendeR ctb FWS01 ZDB-13-SOC FWS_PDA_SOC https://doi.org/10.1787/236860073636 Volltext |
| spellingShingle | Guichard, Stéphanie Quantifying the Effect of Financial Conditions on US Activity Economics |
| title | Quantifying the Effect of Financial Conditions on US Activity |
| title_alt | Une mesure de l'impact des conditions financières sur l'activité aux États-Unis |
| title_auth | Quantifying the Effect of Financial Conditions on US Activity |
| title_exact_search | Quantifying the Effect of Financial Conditions on US Activity |
| title_full | Quantifying the Effect of Financial Conditions on US Activity Stéphanie, Guichard and David, Turner = Une mesure de l'impact des conditions financières sur l'activité aux États-Unis / Stéphanie, Guichard et David, Turner |
| title_fullStr | Quantifying the Effect of Financial Conditions on US Activity Stéphanie, Guichard and David, Turner = Une mesure de l'impact des conditions financières sur l'activité aux États-Unis / Stéphanie, Guichard et David, Turner |
| title_full_unstemmed | Quantifying the Effect of Financial Conditions on US Activity Stéphanie, Guichard and David, Turner = Une mesure de l'impact des conditions financières sur l'activité aux États-Unis / Stéphanie, Guichard et David, Turner |
| title_short | Quantifying the Effect of Financial Conditions on US Activity |
| title_sort | quantifying the effect of financial conditions on us activity |
| topic | Economics |
| topic_facet | Economics |
| url | https://doi.org/10.1787/236860073636 |
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