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56 p, 854.8 KB Financial frictions, asset prices, and the Great Recession / Huo, Zhen ; Ríos Rull, José Víctor
We study financial shocks to households' ability to borrow in an economy that quantitatively replicates U. S. earnings, financial, and housing wealth distributions and the main macro aggregates. Such shocks generate large recessions via the negative wealth effect associated with the large drop in house prices triggered by the reduced access to credit of a large number of households. [...]
The ADEMU Working Paper Series is being supported by the European Commission Horizon 2020 European Union funding for Research & Innovation, grant agreement No 649396.

2018 (ADEMU Working Paper Series ; 110)  

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