The Crisis: Basic Mechanisms, and Appropriate Policies
Olivier J. Blanchard
International Monetary Fund (IMF); National Bureau of Economic Research (NBER)
December 29, 2008
MIT Department of Economics Working Paper No. 09-01
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.
Number of Pages in PDF File: 34
Keywords: financial crisis, credit, liquidity, spreads, leverage
JEL Classification: E32, E44
Date posted: January 10, 2009 ; Last revised: January 15, 2009
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