期刊名称：Euro Area Balance of Payments and International Investment Position Statistics
印刷版ISSN：1830-3420
电子版ISSN：1830-3439
出版年度：2011
出版社：European Central Bank
摘要：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 nancial markets. We embed this view in a standard model of the nancial 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 nancial 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 scal policy.
