NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH
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Inspecting the Mechanism: Leverage and the Great Recession in the Eurozone

Philippe Martin, Thomas Philippon

NBER Working Paper No. 20572
Issued in October 2014, Revised in May 2015

---- Acknowledgments ----

We thank Pierre Olivier Gourinchas, Nobu Kiyotaki, Fiorella De Fiore, Emi Nakamura, Vania Stavrakeva, Ivan Werning and Philip Lane for their discussions, as well as Mark Aguiar, Olivier Blanchard, Ariel Burstein, Giovanni Dell’Arricia, Gita Gopinath, Gianluca Violante, Caterina Mendicino, Mark Gertler, Virgiliu Midrigan and seminar participants at AEA, NY Fed, NYU, Harvard, Berkeley, Oxford, IMF, Warwick, Maryland, TSE, PSE, Banque de France, CREI, ECB, Warwick, ESSIM-CEPR, the NBER IF and the NBER EFG for their comments. Joseba Martinez provided outstanding research assistance. We thank the Fondation Banque de France for financial support. Philippe Martin is also grateful to the Banque de France Sciences Po partnership for its financial support. 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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