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The Financial Crisis in 2007 and 2008 Viewed from the Perspective of Economic Research

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Abstract

Many economists monitored the developments that led to the financial crisis in 2007 and 2008 with concern. The course and depth of the crisis, however, came as a surprise to many. This paper discusses whether there are structural deficits in economic research which prevent a deeper analytical understanding of the current crisis. While research on specific aspects of the current crisis mechanisms and their structural causes has been pursued very actively in recent years, this research has not yet been incorporated into the mainstream of macroeconomics and finance – a fact that hinders analytical understanding of the crisis.

Suggested Citation

  • Martin Summer, 2008. "The Financial Crisis in 2007 and 2008 Viewed from the Perspective of Economic Research," Monetary Policy & the Economy, Oesterreichische Nationalbank (Austrian Central Bank), issue 4, pages 85-100.
    • Handle: RePEc:onb:oenbmp:y:2008:i:4:b:5
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    1. Stephen G. Cecchetti & Hans Genberg & Sushil Wadhwani, 2002. "Asset Prices in a Flexible Inflation Targeting Framework," NBER Working Papers 8970, National Bureau of Economic Research, Inc.
    2. Timothy Smeeding & Eva Sierminska & Andrea Brandolini, 2006. "Comparing Wealth Distribution across Rich Countries: First Results from the Luxembourg Wealth Study," LWS Working papers 1, LIS Cross-National Data Center in Luxembourg.
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    Cited by:

    1. Arrondel, L. & Savignac, F. & Tracol, K., 2011. "Wealth Effects on Consumption Plans: French Households in the Crisis," Working papers 344, Banque de France.

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    More about this item

    Keywords

    financial crisis; financial stability;

    JEL classification:

    • E51 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Money Supply; Credit; Money Multipliers
    • G1 - Financial Economics - - General Financial Markets
    • G21 - Financial Economics - - Financial Institutions and Services - - - Banks; Other Depository Institutions; Micro Finance Institutions; Mortgages
    • G28 - Financial Economics - - Financial Institutions and Services - - - Government Policy and Regulation

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