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Deep recessions
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DOI：10.1016/j.econmod.2020.03.026.png)
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This paper demonstrates how a 'modest' financial shock can trigger a deep recession. We suggest that two factors can help generate it. The first is that the economy has accumulated a moderately high level of private debt by the time the adverse shock occurs. The second factor is when monetary policy, set under discretion, is restricted by the zero lower bound. These factors can result in a sharp contraction in output Perhaps surprisingly, we use a standard DSGE model with financial frictions along the lines of Jermann and Quadrini (2012) to demonstrate this result and so do not need to rely on dysfunctional interbank markets.
Keyword:
Financial frictions
Credit boom
Stagnation
ZLB
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