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Federal Reserve Bank of Boston
Supervisory Research and Analysis Working Papers
Looking behind the aggregates: a reply to “Facts and Myths about the Financial Crisis of 2008”
Ethan Cohen-Cole
Burcu Duygan-Bump
José Fillat
Judit Montoriol-Garriga
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.


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Ethan Cohen-Cole & Burcu Duygan-Bump & José Fillat & Judit Montoriol-Garriga, Looking behind the aggregates: a reply to “Facts and Myths about the Financial Crisis of 2008”, Federal Reserve Bank of Boston, Supervisory Research and Analysis Working Papers QAU08-5, 2008.
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Keywords: Financial crises
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