The Financial Crisis of 2008 and Its Aftermath

Peter Dorman

Chapter 17 in Macroeconomics, 2014, pp 395-426 from Springer

Abstract: Abstract Of all the images of the financial crisis of 2008, one keeps coming back again and again. Wile E. Coyote, the intrepid pursuer of the Road Runner, is chasing his prey across the desert mesas of the US southwest. As they near a cliff the Road Runner changes course at the last moment—too late for the Coyote. His momentum carries him over the edge of the cliff, and there he stops, suspended above a chasm thousands of feet deep. For an endless moment he just hangs in space, looking perplexed, trying to figure out where he is and what will happen next. Finally he looks down and sees the canyon floor far below. Only now does he begin to fall, and in the final image he is plunging, his arms and legs spread out wide as the bottom of the canyons gets closer and closer....

Keywords: Interest Rate; Financial Crisis; Housing Price; European Central Bank; Credit Default Swap (search for similar items in EconPapers)
Date: 2014
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Persistent link: https://EconPapers.repec.org/RePEc:spr:sptchp:978-3-642-37441-8_17

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DOI: 10.1007/978-3-642-37441-8_17

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