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2011, No. 30
Posted 2011-09-20

Searching for the Financial Accelerator: How Credit Affects the Business Cycle

by Adrian Peralta-Alva

Firms started repaying their debts during 2008-2009, and they did so while simultaneously accumulating highly liquid assets. These two observations are puzzling if one believes firms are purportedly starving for credit but cannot obtain it.

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