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Market Responses to the Panic of 2008 / Casey Mulligan, Luke Threinen.
- Format:
- Book
- Author/Creator:
- Mulligan, Casey.
- Series:
- Working Paper Series (National Bureau of Economic Research) no. w14446.
- NBER working paper series no. w14446
- Language:
- English
- Physical Description:
- 1 online resource: illustrations (black and white);
- Place of Publication:
- Cambridge, Mass. National Bureau of Economic Research 2008.
- Summary:
- We model the panic of 2008 as part of the wealth and substitution effects deriving from a housing price crash that began in 2006. The dissipation of the wealth effect stimulates a reorganization of the banking industry and increases in employment, GDP, and unemployment. The release of resources from the housing sector lowers investment goods prices, and thereby devalues existing non-residential capital while stimulating non-residential investment. These predictions are compared with measured U.S. economic performance from 2006 to 2008 Q2.
- Notes:
- Print version record
- October 2008.
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