Disentangling the Channels of the 2007-2009 Recession
---- Acknowledgements -----
Prepared for the Brookings Panel on Economic Activity, March 22-23, 2012. We thank John Driscoll, Lutz Kilian, Valery Ramey, Eric Swanson, Egon Zakrajšek, and Tao Zha for providing and/or helping us construct their shock series and for comments. We also thank Alan Blinder, Nick Bloom, Markus Brunnermeier, Marty Eichenbaum, Jon Faust, Florencio Lopez de Silanes, Karel Mertens, Salil Mehta, Neil Shephard, Chris Sims, Mike Woodford, Tom Zimmerman, and the editors for helpful comments and/or discussions. Replication files and the Supplement are available on Watson's Web site. The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research.