Financial Crises and Economic Activity
NBER Working Paper No. 15379
---- Acknowledgements -----
This paper was prepared for "Financial Stability and Macroeconomic Policy," a symposium sponsored by the Federal Reserve Bank of Kansas City, at Jackson Hole, Wyoming, on August 20-22,2009. We would like to thank participants at the Symposium, our discussant Mark Gertler, and Roberto Blanco.for useful comments. Jimmy Shek and Clara Garcia provided excellent research assistance, and Luc Laeven and Fabian Valencia kindly shared their database of crises. The views expressed in this paper are those of the authors and not necessarily those of the BIS. The views expressed herein are those of the author(s) and do not necessarily reflect the views of the National Bureau of Economic Research.