Arbeitspapier
Theoretical notes on bubbles and the current crisis
We explore a view of the crisis as a shock to investor sentiment that led to the collapse of a bubble or pyramid scheme in financial markets. We embed this view in a standard model of the financial accelerator and explore its empirical and policy implications. In particular, we show how the model can account for: (i) a gradual and protracted expansionary phase followed by a sudden and sharp recession; (ii) the connection (or lack of connection!) between financial and real economic activity and; (iii) a fast and strong transmission of shocks across countries. We also use the model to explore the role of fiscal policy.
- Sprache
-
Englisch
- Erschienen in
-
Series: ECB Working Paper ; No. 1348
- Klassifikation
-
Wirtschaft
Business Fluctuations; Cycles
Financial Markets and the Macroeconomy
Financial Crises
Economic Growth and Aggregate Productivity: General
- Thema
-
bubbles
credit constraints
financial accelerator
financial crisis
pyramid schemes
Finanzpolitik
Finanzmarkt
Finanzkrise
Schock
Spekulationsblase
Bruttoinlandsprodukt
Industrieländer
- Ereignis
-
Geistige Schöpfung
- (wer)
-
Martin, Alberto
Ventura, Jaume
- Ereignis
-
Veröffentlichung
- (wer)
-
European Central Bank (ECB)
- (wo)
-
Frankfurt a. M.
- (wann)
-
2011
- Handle
- Letzte Aktualisierung
-
10.03.2025, 11:44 MEZ
Datenpartner
Dieses Objekt wird bereitgestellt von:
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. Bei Fragen zum Objekt wenden Sie sich bitte an den Datenpartner.
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. Bei Fragen zum Objekt wenden Sie sich bitte an den Datenpartner.
Objekttyp
- Arbeitspapier
Beteiligte
- Martin, Alberto
- Ventura, Jaume
- European Central Bank (ECB)
Entstanden
- 2011
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