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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)

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 Series

Date posted: January 10, 2009 ; Last revised: January 15, 2009

Suggested Citation

Blanchard, Olivier J., The Crisis: Basic Mechanisms, and Appropriate Policies (December 29, 2008). MIT Department of Economics Working Paper No. 09-01. Available at SSRN: http://ssrn.com/abstract=1324280

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Olivier J. Blanchard (Contact Author) Massachusetts Institute of Technology (MIT) - Department of Economics ( email ) Room E52-357 50 Memorial Drive Cambridge, MA 02142 United States 617-253-8891 (Phone) 617-253-4096 (Fax) HOME PAGE: http://mit.edu/blanchar/www/
National Bureau of Economic Research (NBER) 1050 Massachusetts Avenue Cambridge, MA 02138 United States

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