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The Crisis: Basic Mechanisms, and Appropriate Policies
Olivier J. Blanchard Massachusetts Institute of Technology (MIT) - Department of Economics; National Bureau of Economic Research (NBER); International Monetary Fund (IMF) December 29, 2008 MIT Department of Economics Working Paper No. 09-01 Abstract: The purpose of this lecture is to look beyond the complex events that characterize the global financial and economic crisis, identify the basic mechanisms, and infer the policies needed to resolve the current crisis, as well as the policies needed to reduce the probability of similar events in the future.
Keywords: financial crisis, credit, liquidity, spreads, leverage JEL Classifications: E32, E44 Working Paper SeriesDate posted: January 10, 2009 ; Last revised: January 15, 2009Suggested CitationContact Information
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