Word: papered
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...October, Chari teamed up with two other economists, Lawrence Christiano and Patrick Kehoe, and wrote a paper called "Facts and Myths and the Financial Crisis of 2008." In it the economists wrote that the United States was "indisputably undergoing a financial crisis and is perhaps headed for a deep recession," but the nature of the problem, they said, had been completely misrepresented. "Policymakers had made three very specific claims," says Chari. "That banks were not lending to non-financial businesses and households, that banks were not lending to each other, and that the ability of non-financial businesses to access...
...November, Duygan-Bump, Cohen-Cole and two other colleagues - Jose Fillat and Judit Montoriol-Garriga - put out a paper called "Looking Behind the Aggregates: A Reply to Facts and Myths About the Financial Crisis of 2008.'" In it, they argued that even though overall lending seemed to be robust, that could very well be the result of companies drawing down existing credit lines - agreements banks had made in better times and now couldn't renegotiate. In fact, there was plenty of anecdotal evidence in the business press to suggest that was exactly what was happening, that companies were locking...
...about the same time as the Boston Fed piece came out, two finance professors at Harvard Business School, David Scharfstein and Victoria Ivashina, wrote a paper called "Bank Lending During the Financial Crisis of 2008." Scharfstein and Ivashina focused in on a database of new loans made to large corporations and documented a 36% drop during August-October 2008, as compared with the three months prior. They, too, argued that drawn-downs were artificially inflating overall lending figures. Yes, there was lending, but it was involuntary, and often to struggling companies - like GM and Tribune - that banks might not otherwise...
...that sort of involuntary lending mean that other potential borrowers were getting crowded out? In a rebuttal to the Scharfstein paper, Chari and his co-authors wrote that they hadn't seen any data showing that banks weren't lending to credit-worthy companies asking for loans simply because certain firms were tapping pre-existing credit lines. "The argument is if you're a new customer walking into a bank, it's impossible for you to get a loan," says Chari. "That story may be true, but there's no convincing evidence that's what's going...
...website of the Daily Mail, another British paper, oozed schadenfreude over Caspar's coup with the marathon headline "Ooh La La: France's Culinary Bible Michelin Guide Picks Woman As New Editor - and She's German...