NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH

Stock-Market Crashes and Depressions

Robert J. Barro, José F. Ursúa

NBER Working Paper No. 14760
Issued in February 2009

---- Acknowledgements -----

This research is supported by a grant from the National Science Foundation. We appreciate comments from Xavier Gabaix, David Laibson, Emi Nakamura, Andrei Shleifer, and Jón Steinsson. The views expressed herein are those of the author(s) and do not necessarily reflect the views of the National Bureau of Economic Research.

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