Academic Scholarship in Light of the 2008 Financial Crisis: Textual Analysis of NBER Working Papers

Daniel Levy (), Tamir Mayer and Alon Raviv

EconStor Preprints from ZBW - Leibniz Information Centre for Economics

Abstract: Textual analysis of 14,270 NBER Working Papers published during 1999–2016 is done to assess the effects of the 2008 crisis on the economics literature. The volume of crisis-related WPs is counter-cyclical, lagging the financial-instability-index. WPs by the Monetary-Economics, Asset-Pricing, and Corporate-Finance program members, hardly refer to “crisis/crises” in the pre-crisis period. As the crisis develops, however, their study-efforts of crisis-related issues increase rapidly. In contrast, WPs in macroeconomics-related programs refer quite extensively in the pre-crisis period to “crisis/crises” and to crises-related topics. Overall, our findings are consistent with the claim that economists were not engaged sufficiently in crises studies before the 2008 crisis. However, counter to the popular image, as soon as the crisis began to unravel, the NBER affiliated economists responded dramatically by switching their focus and efforts to studying and understanding the crisis, its causes and its consequences.

Keywords: 2008 Financial Crisis; Textual Analysis; Financial Crises; LDA; Topic Modelling; Securitization; Repo; Sudden Stop (search for similar items in EconPapers)
JEL-codes: A11 C38 C55 E32 E44 E58 F30 G01 G20 G21 G28 (search for similar items in EconPapers)
Date: 2020
New Economics Papers: this item is included in nep-hme, nep-hpe and nep-mac
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Related works:
Working Paper: Academic Scholarship in Light of the 2008 Financial Crisis: Textual Analysis of NBER Working Papers (2020)
Working Paper: Academic Scholarship in Light of the 2008 Financial Crisis: Textual Analysis of NBER Working Papers (2020)
Working Paper: Academic Scholarship in Light of the 2008 Financial Crisis: Textual Analysis of NBER Working Papers (2020)
Working Paper: Academic Scholarship in Light of the 2008 Financial Crisis: Textual Analysis of NBER Working Papers (2020)
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Persistent link: https://EconPapers.repec.org/RePEc:zbw:esprep:214194

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