NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH
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Escaping the Great Recession

Francesco Bianchi, Leonardo Melosi

NBER Working Paper No. 20238
Issued in June 2014, Revised in January 2017

---- Acknowledgments ----

We are grateful to Gadi Barlevy, Dario Caldara, Jeff Campbell, Gauti Eggertsson, Marty Eichenbaum, Martin Ellison, Jesus Fernandez-Villaverde, Jonas Fisher, Alejandro Justiniano, Christian Matthes, Maurice Obstfeld, Giorgio Primiceri, Ricardo Reis, David Romer, Chris Sims, Martin Uribe, Mike Woodford, and seminar participants at the NBER Monetary Economics group, Princeton University, University of Chicago, Stanford University, Northwestern University, and numerous other institutions for useful comments and suggestions. The views in this paper are solely the responsibility of the authors and should not be interpreted as reflecting the views of the Federal Reserve Bank of Chicago, any other person associated with the Federal Reserve System, or the National Bureau of Economic Research.

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