Why does the economy fall to pieces after a financial crisis?

Journal of Economic Perspectives

Volumn 24, Issue 4, 2010, Pages 3-20

  Hall, Robert E ^a  

^a STANFORD UNIVERSITY   (United States)

Author keywords

[No Author keywords available]

Indexed keywords

EID: 78649607549     PISSN: None     EISSN: 08953309     Source Type: Journal    
DOI: 10.1257/jep.24.4.3     Document Type: Article

References (8)

1. Bernanke, Ben S., Mark Gertler, and Simon Gilchrist. 1999. "The Financial Accelerator in a Quantitative Business Cycle Framework." Chap. 21 in Handbook of Macroeconomics, Vol. 1C, ed. John Taylor and Michael Woodford. Amsterdam: Elsevier.
2. Christiano, Lawrence J., Martin Eichenbaum, and Charles L. Evans. 2005. "Nominal Rigidities and the Dynamic Effects of a Shock to Monetary Policy." Journal of Political Economy, 113(1): 1-45.
3. DeMarzo, Peter, and Darrell Duffi e. 1999. "A Liquidity-Based Model of Security Design." Econometrica, 67(1): 65-99.
4. Hall, Robert E. 2009. "By How Much Does GDP Rise if the Government Buys More Output?" Brookings Papers on Economic Activity, Fall, pp. 83-231.
5. Hall, Robert E. 2010. "The High Sensitivity of Economic Activity to Financial Frictions." The Hahn Lecture, Royal Economic Society. (Forthcoming, Economic Journal.)
6. Krishnamurthy, Arvind. 2010. "How Debt Markets Have Malfunctioned in the Crisis." Journal of Economic Perspectives, 24(1): 3-28.
7. Rotemberg, Julio J., and Michael Woodford. 1999. "The Cyclical Behavior of Prices and Costs." Chap. 16 in Handbook of Macroeconomics, Vol. 1B, ed. John B. Taylor and Michael Woodford, pp. 1051-1135. Amsterdam: Elsevier.
8. Townsend, Robert M. 1979. "Optimal Contracts and Competitive Markets with Costly State Verifi cation." Journal of Economic Theory, 21(2): 265-93.