Looking Behind the Aggregates: A Reply to 'Facts and Myths About the Financial Crisis of 2008'

15 Pages Posted: 4 Nov 2008 Last revised: 27 Nov 2008

See all articles by Ethan Cohen-Cole

Ethan Cohen-Cole

Econ One Research

Burcu Duygan-Bump

Federal Reserve Board

Jose L. Fillat

Federal Reserve Banks - Federal Reserve Bank of Boston

Judit Montoriol-Garriga

La Caixa

Date Written: November 3, 2008

Abstract

As Chari et al (2008) point out in a recent paper, aggregate trends are very hard to interpret. They examine four common claims about the impact of financial sector phenomena on the economy and conclude that all four claims are myths. We argue that to evaluate these popular claims, one needs to look at the underlying composition of financial aggregates. Our findings show that most of the commonly argued facts are indeed supported by disaggregated data.

Suggested Citation

Cohen-Cole, Ethan and Duygan-Bump, Burcu and Fillat, Jose L. and Montoriol-Garriga, Judit, Looking Behind the Aggregates: A Reply to 'Facts and Myths About the Financial Crisis of 2008' (November 3, 2008). FRB of Boston Quantitative Analysis Unit Working Paper No. 08-5. Available at SSRN: https://ssrn.com/abstract=1294766 or http://dx.doi.org/10.2139/ssrn.1294766

Ethan Cohen-Cole (Contact Author)

Econ One Research ( email )

United States

Burcu Duygan-Bump

Federal Reserve Board ( email )

20th and C Streets, N.W.
Washington, DC 20551
United States
2029124663 (Phone)

Jose L. Fillat

Federal Reserve Banks - Federal Reserve Bank of Boston ( email )

600 Atlantic Avenue
Boston, MA 02210
United States
617-973-3342 (Phone)
617-5735445 (Fax)

HOME PAGE: http://www.bos.frb.org/economic/econbios/fillat.htm

Judit Montoriol-Garriga

La Caixa ( email )

Av Diagonal 629
Barcelona, 08028
Spain

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