Which Financial Frictions? Parsing the Evidence from the Financial Crisis of 2007-9
---- Acknowledgments ----
Paper presented at the NBER Macro Annual Conference, April 20-21, 2012. We thank Daron Acemoglu, Olivier Blanchard, Thomas Eisenbach, Mark Gertler, Simon Gilchrist, Arvind Krishnamurthy, Guido Lorenzoni, Jonathan Parker, Michael Woodford and participants at the Chicago Macroeconomic Fragility conference and the 2012 AEA meetings for comments on earlier versions of the paper. We also thank Michael Roberts and Simon Gilchrist for making available data used in this paper. The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research, the Federal Reserve Bank of New York, or the Federal Reserve System.