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Identifying Credit Crunches, Working Paper 93-02

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Identifying Credit Crunches, Working Paper 93-02

DATE: March 1993

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ABSTRACT: This articles emphasizes the role of nonprice rationing in credit crunches. It proposes a process for identifying credit crunches centered on the political economy of the period under study. The process is applied to the U.S. for the 1960-92 period, and a variable is constructed that indicates when credit crunches occurred. In addition, the article questions the conventional wisdom that Regulation Q was the primary cause of the 1960s credit crunches.

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Owens, Raymond E. and Schreft, Stacey Lee. "Identifying Credit Crunches, Working Paper 93-02," Working Papers (Federal Reserve Bank of Richmond) (March 1993). https://fraser.stlouisfed.org/title/3942/item/477050, accessed on April 19, 2024.

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NOTE: This is a preprint of the authors' article, "Identifying Credit Crunches," Contemporary Economic Policy, April 1995, v. 13, iss. 2, pp. 63-76. by permission of the Oxford University Press

PUBLISHER: Federal Reserve Bank of Richmond

PLACE: Richmond

DIGITAL COPY SOURCE: Federal Reserve Bank of Richmond

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RIGHTS: In Copyright (InC)

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