[OPE] Young Ben Bernanke, Economist

In 1983, Ben Bernanke published an interesting article in which he
proposed that the real service that banks perform is the development of
long-term working relationships, which give them the informational
wherewithal to allocate capital efficiently.

Bernanke, Ben S. 1983. "Nonmonetary Effects of the Financial Crisis in
the Propagation of the Great Depression" American Economic Review, 73: 3
  (June): pp. 257-76.

He elaborated on this idea in:

Bernanke, Ben. 1993. "Credit in the Macroeconomy." Federal Reserve Bank
of New York Quarterly Review, 18: 1 (Spring): pp. 50-70.

more at:

http://michaelperelman.wordpress.com/2010/07/10/young-ben-bernanke-economist/

-- 
Michael Perelman
Economics Department
California State University
Chico, CA
95929
530 898 5321
fax 530 898 5901
http://michaelperelman.wordpress.com
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