Follow the Money: Quantifying Domestic Effects of Foreign Bank Shocks in the Great Recession
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This paper is forthcoming in the American Economic Review: Papers and Proceedings, May 2012. The views expressed in this paper are those of the individual authors and do not necessarily reflect the position of the Federal Reserve Bank of New York, the Federal Reserve System, or the National Bureau of Economic Research. Address correspondences to Linda S. Goldberg, Federal Reserve Bank of NY, Research Department, 33 Liberty St, New York, N.Y. 10045. email: Linda.Goldberg@ny.frb.org or Nicola.Cetorelli@ny.frb.org . We thank Lindsay Mollineaux for excellent research assistance, and thank Jeromin Zettelmeyer and participants at the ASSA 2012 meetings for their insightful comments.