NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH

Deciphering the Liquidity and Credit Crunch 2007-08

use a mirror
Use a mirror

download in pdf format
   (404 K)

email paper

Markus K. Brunnermeier

NBER Working Paper No. 14612
Issued in December 2008
NBER Program(s):   AP   CF   EFG   IFM   ME

An NBER digest for this paper is available.

This paper summarizes and explains the main events of the liquidity and credit crunch in 2007-08. Starting with the trends leading up to the crisis, I explain how these events unfolded and how four different amplification mechanisms magnified losses in the mortgage market into large dislocations and turmoil in financial markets.

Published: Markus K. Brunnermeier, 2009. "Deciphering the Liquidity and Credit Crunch 2007-2008," Journal of Economic Perspectives, American Economic Association, vol. 23(1), pages 77-100, Winter.

This paper is available as PDF (404 K) or via email.

Acknowledgments

Machine-readable bibliographic record - MARC, RIS, BibTeX

 
Publications
Activities
Meetings
Data
People
About

Support
National Bureau of Economic Research, 1050 Massachusetts Ave., Cambridge, MA 02138; 617-868-3900; email: info@nber.org

Contact Us