DP9321 Financial Shocks, Unemployment, and Public Policy

Author(s): John Driffill
Publication Date: January 2013
Keyword(s): DSGE models, financial shocks, fiscal policy, macroeconomics, quantitative easing, unemployment
JEL(s): E30, E44, E60
Programme Areas: International Macroeconomics
Link to this Page: cepr.org/active/publications/discussion_papers/dp.php?dpno=9321

This paper is based on presentation given at the June 2011 Conference of the Centre for Growth and Business Cycle Research at the University of Manchester. It reviews key features of the 2007-08 financial crisis, the subsequent 'great recession' and the European public debt problems; in the light of these it discusses new avenues of research that have been opened up in response to recent events.