Understanding the Great Recession

Lawrence J. Christiano, Martin S. Eichenbaum, Mathias Trabandt

NBER Working Paper No. 20040
Issued in April 2014, Revised in August 2014

---- Acknowledgments ----

The views expressed in this paper are those of the authors and do not necessarily reflect those of the Board of Governors of the Federal Reserve System, any other person associated with the Federal Reserve System, or the National Bureau of Economic Research. We are grateful for discussions with Gadi Barlevy.

---- Disclosure of Financial Relationships for Lawrence J. Christiano ----

Non-Northwestern compensated activities: 2010 through 2012.

Short lecture courses at: Bank of Korea, International Monetary Fund, Kiel Institute for World Economics, Gerzensee Study Center, Central Bank of Peru, Central Bank of Portugal, Central Bank of Colombia, Central Bank of Hungary, Swiss National Bank, Central Bank of the Czech Republic, Renmin University, China.

Consultant, Central Bank of Brazil.

Federal Reserve Bank of Atlanta, advisor.

Federal Reserve Bank of Chicago, advisor.

Federal Reserve Bank of Minneapolis, advisor.

Consultant, Global Markets Institute at Goldman Sachs.

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