linkages, the two-way interactions between the real economy and the financial sector. The crisis was a bitter reminder of how … brink of collapse and the deepest contraction in world output in more than half a century followed. Moreover, unprecedented … real economy and the financial sector. The topic of macrofinancial linkages promises to remain an exciting area of research …

episode took a very heavy toll on the real economy, we argue that this was not a surprising outcome. In particular, historical …