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http://ssrn.com/abstract=1486540
 
 

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Causes of the Great Recession of 2007-9: The Financial Crisis is the Symptom Not the Disease!


Ravi Jagannathan


Northwestern University - Kellogg School of Management; National Bureau of Economic Research (NBER); SAIF; ISB

Mudit Kapoor


Indian School of Business

Ernst Schaumburg


Federal Reserve Banks - Federal Reserve Bank of New York

October 2009

NBER Working Paper No. w15404

Abstract:     
Globalization has made it possible for labor in developing countries to augment labor in the developed world, without having to relocate, in ways not thought possible only a few decades ago. We argue that this large increase in the developed world’s effective labor supply, triggered by geo-political events and technological innovations, coupled with the inability of existing institutions in the US and developing nations themselves to cope with this shock set the stage for the great recession. The financial crisis in the US was but the first acute symptom.

Number of Pages in PDF File: 38

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Date posted: October 13, 2009  

Suggested Citation

Jagannathan, Ravi and Kapoor, Mudit and Schaumburg, Ernst, Causes of the Great Recession of 2007-9: The Financial Crisis is the Symptom Not the Disease! (October 2009). NBER Working Paper No. w15404. Available at SSRN: http://ssrn.com/abstract=1486540

Contact Information

Ravi Jagannathan (Contact Author)
Northwestern University - Kellogg School of Management ( email )
2001 Sheridan Road
429 Andersen Hall
Evanston, IL 60208
United States
847-491-8338 (Phone)
847-491-5719 (Fax)
National Bureau of Economic Research (NBER)
1050 Massachusetts Avenue
Cambridge, MA 02138
United States
SAIF ( email )
Shanghai
China
ISB ( email )
Hyderabad, Gachibowli 500 019
India
Mudit Kapoor
Indian School of Business ( email )
Hyderabad, Gachibowli 500 019
India

Ernst Schaumburg
Federal Reserve Banks - Federal Reserve Bank of New York ( email )
33 Liberty Street
New York, NY 10045
United States
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