G2TT
来源类型Discussion paper
规范类型论文
来源IDDP9487
DP9487 The Great Recession: A Self-Fulfilling Global Panic
Philippe Bacchetta; Eric van Wincoop
发表日期2013-05-26
出版年2013
语种英语
摘要While the 2008-2009 financial crisis originated in the United States, we witnessed steep declines in output, consumption and investment of similar magnitudes around the globe. This raises two questions. First, given the observed strong home bias in goods and financial markets, what can account for the remarkable global business cycle synchronicity during this period? Second, what can explain the difference relative to previous recessions, where we witnessed far weaker co-movement? To address these questions, we develop a two-country model that allows for self-fulfilling business cycle panics. We show that a business cycle panic will necessarily be synchronized across countries as long as there is a minimum level of economic integration. Moreover, we show that several factors generated particular vulnerability to such a global panic in 2008: tight credit, the zero lower bound, unresponsive fiscal policy and increased economic integration.
主题International Macroeconomics
关键词Contagion Great recession International co-movements
URLhttps://cepr.org/publications/dp9487
来源智库Centre for Economic Policy Research (United Kingdom)
资源类型智库出版物
条目标识符http://119.78.100.153/handle/2XGU8XDN/538323
推荐引用方式
GB/T 7714
Philippe Bacchetta,Eric van Wincoop. DP9487 The Great Recession: A Self-Fulfilling Global Panic. 2013.
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