TY  - BOOK
AU  - Terrones,Marco
AU  - Claessens,Stijn
AU  - Kose,Ayhan
AU  - Terrones,Marco
TI  - What Happens During Recessions, Crunches and Busts?
T2  - IMF Working Papers; Working Paper
SN  - 1451871325 :
SN  - 1018-5941
PY  - 2008///
CY  - Washington, D.C.
PB  - International Monetary Fund
KW  - Business Cycle
KW  - imf
KW  - Busts
KW  - Credit Crunches
KW  - House Prices
KW  - Recession
KW  - Greece
KW  - New Zealand
KW  - Portugal
KW  - Spain
KW  - United States
N2  - We provide a comprehensive empirical characterization of the linkages between key macroeconomic and financial variables around business and financial cycles for 21 OECD countries over the period 1960-2007. In particular, we analyze the implications of 122 recessions, 112 (28) credit contraction (crunch) episodes, 114 (28) episodes of house price declines (busts), 234 (58) episodes of equity price declines (busts) and their various overlaps in these countries over the sample period. Our results indicate that interactions between macroeconomic and financial variables can play major roles in determining the severity and duration of recessions. Specifically, we find evidence that recessions associated with credit crunches and house price busts tend to be deeper and longer than other recessions. JEL Classification Numbers: E32; E44; E51; F42
UR  - http://elibrary.imf.org/view/IMF001/09766-9781451871326/09766-9781451871326/09766-9781451871326.xml
UR  - http://www.imfbookstore.org/IMFORG/9781451871326
ER  -