This paper proposes a measure of the extent to which a financial sector is connected to the real economy. The Measure of Connectedness is a measure of the composition of assets, namely the share of credit to the non-financial sectors over the total credit market instruments. The aggregate Measure of Connectedness for the United States declines by about 27 percent in the period 1952-2009. The authors suggest that this increase in disconnectedness between...
更多显示
详细
-
2013/10/01
-
政策研究报告
-
WPS6667
-
1
-
1
-
2013/10/01
-
Disclosed
-
The connection between Wall Street and Main Street : measurement and implications for monetary policy
-
monetary policy