NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH

Financial Crises and Economic Activity

Stephen G. Cecchetti, Marion Kohler, Christian Upper

NBER Working Paper No. 15379
Issued in September 2009

---- 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.

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