Private Credit, Public Debt and Financial Crises
Òscar Jordà discusses the genesis of financial crises and their aftermath (video, 29:38).
Òscar Jordà discusses the genesis of financial crises and their aftermath using the last 140 years of data on 17 industrialized economies. Recoveries after financial crises tend to be slow. Deleveraging and household finances require time to take hold.
Download the transcript (pdf, 134 kb)
Download the presentation slides (pdf, 227 kb)
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Òscar Jordà is a Research Advisor at the Federal Reserve Bank of San Francisco, which he joined in 2011. His research at the bank covers time series analysis and applied macroeconomics broadly defined. Examples of his scholarly articles and ongoing research projects include research on the role of private credit and public debt in financial crises, methods to date business cycles, evaluating the effectiveness of monetary policy in downturns, and better ways to report forecast uncertainty.
Mr. Jordà received a Ph.D. in economics from the University of California, San Diego, and holds a B.S. in economics from the Universidad Complutense de Madrid. Before joining the bank, Mr. Jordà was Professor of Economics at the University of California, Davis. See his research page.