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Modelling the global financial crisis

McKibbin, Warwick; Stoeckel, Andrew


This paper models the global financial crisis as a combination of shocks to global housing markets and sharp increases in risk premia of firms, households, and international investors in an intertemporal (dynamic stochastic general equilibrium or DSGE) global model. The model has six sectors of production and trade in 15 major economies and regions. The paper shows that a 'switching' of expectations about risk premia shocks in financial markets can easily generate the severe economic...[Show more]

CollectionsANU Research Publications
Date published: 2009
Type: Journal article
Source: Oxford Review of Economic Policy
DOI: 10.1093/oxrep/grq012


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