We would like to thank Tullio Jappelli and two anonymous referees for detailed comments which significantly improved the paper. We are grateful for helpful suggestions from Lewis Alexander, Michael Dooley, Kristin Forbes, Prakash Loungani, David Romer and our discussants, Frank Diebold, Vitor Gaspar, Steven Kamin, Desmond Lachman, Gianmarco Ottaviano, Vincent Reinhart, Ken Singleton, and Angel Ubide, members of the Economic Policy Panel in Brussels and participants in various seminars and conferences where earlier versions of this paper were presented. Dio Kaltis, David Low, Yongjoon Shin and Zhi (George) Yu provided excellent research assistance. The views expressed in this paper are those of the authors and do not necessarily represent those of the IMF or IMF policy. The Managing Editor in charge of this paper was Tullio Jappelli.
What happens during recessions, crunches and busts?
Article first published online: 1 OCT 2009
© CEPR, CES, MSH, 2009
Volume 24, Issue 60, pages 653–700, October 2009
How to Cite
Claessens, S., Kose, M. A. and Terrones, M. E. (2009), What happens during recessions, crunches and busts?. Economic Policy, 24: 653–700. doi: 10.1111/j.1468-0327.2009.00231.x
- Issue published online: 1 OCT 2009
- Article first published online: 1 OCT 2009
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