[12] Thecrisisalsoshowsclearlythatfinancial-marketimperfectionsareimportantnotjusttoconventionalfirms, : onebetweentheultimateuserofthecapitalandafinancialintermediary, , manyfinancialfirmshadextremedifficultyobtainingcapital, andfearsabouttheincentivesfacingfirmsclosetobankruptcyappeartohavebeenamajorsourceofthisdifficulty.
[13] ; householdsthatcouldnotgetmortgagesdidnotbuynewhomes; importerswhocouldnolongerobtaincreditcanceledorders; -cyclemodelstoincorporatefinancial-marketimperfections.
[14] , , , weknowlittleaboutwhetheritiseffectsonday-to-daylending, suchasloansforpayrollandinventory, oreffectsonthefinancingoflargerprojects, suchasnewhomesandfactories, , someoftheimpactofthedisruptionsappearstohaveoperatednotthroughtheirdirecteffects, butthroughmoreamorphouseffectsonthe “confidence” , determiningtherolesofthesevariousfactorsandthechannelsthroughwhichtheyoperatedisanimportanttask.
[15] , theFederalReserveandmanyothercentralbankswouldhavecutinterestratesmuchmorethantheydid, .
[16] , aswellassomeofthemicroeconomicandmacroeconomicpolicyactionsduringthecrisis, , beforethecrisishit, therewerewarningsignsofovervaluedassetpricesandsomehighlyquestionablecredit-marketpractices; yetpolicymakersdidlittleinresponse.
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