Cao, Dan; L'Huillier, Jean-Paul - Istituto Einaudi per l'Economia e la Finanza (EIEF) - 2012
Using a model in which anticipations about the future determine current spending, we take a medium-frequency look at time series data around the Great Recession, the Great Depression, and the Japanese crisis of the 1990s. This leads us to highlight some common features of these three episodes:...