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A Crash Course on the Euro Crisis

Markus K. Brunnermeier, Ricardo Reis

NBER Working Paper No. 26229
Issued in September 2019
NBER Program(s):The Asset Pricing Program, The Corporate Finance Program, The Economic Fluctuations and Growth Program, The International Finance and Macroeconomics Program, The Monetary Economics Program

The financial crises of the last twenty years brought new economic concepts into classrooms discussions. This article introduces undergraduate students and teachers to seven of these models: (i) misallocation of capital inflows, (ii) modern and shadow banks, (iii) strategic complementarities and amplification, (iv) debt contracts and the distinction between solvency and liquidity, (v) the diabolic loop, (vi) regional flights to safety, and (vii) unconventional monetary policy. We apply each of them to provide a full account of the euro crisis of 2010-12.

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Document Object Identifier (DOI): 10.3386/w26229

 
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