NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH

Stories of the Twentieth Century for the Twenty-First

Pierre-Olivier Gourinchas, Maurice Obstfeld

NBER Working Paper No. 17252
Issued in July 2011

---- Acknowledgements -----

Prepared for the American Economic Journal: Macroeconomics session on "Financial Crises and Macroeconomics" at the American Economic Association annual meeting, Denver, CO, January 8, 2011. We thank Galina Hale, Philip Lane, Alan Taylor and seminar participants at the European Central Bank and Columbia University for comments and data. We benefited also from the comments of the editors and three anonymous referees. Johannes Wieland, Vladimir Asriyan, and Victoria Vanasco provided dedicated research assistance. Financial support was provided by the International Growth Centre at the London School of Economics (project numbers RA-2009-11-002 and 004) and the Coleman Fung Risk Research Center at UC Berkeley. All errors are our sole responsibility. The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research.

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