@techreport{NBERw14612,
 title = "Deciphering the Liquidity and Credit Crunch 2007-08",
 author = "Markus K. Brunnermeier",
 institution = "National Bureau of Economic Research",
 type = "Working Paper",
 series = "Working Paper Series",
 number = "14612",
 year = "2008",
 month = "December",
 URL = "http://www.nber.org/papers/w14612",
 abstract = {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.},
}