Replication data for: International Recessions

Name	File Type	Size	Last Modified
international_recessions_data_codes			10/12/2019 02:13:AM
LICENSE.txt	text/plain	14.6 KB	10/11/2019 10:15:PM

Project Citation:

Perri, Fabrizio, and Quadrini, Vincenzo. Replication data for: International Recessions. Nashville, TN: American Economic Association [publisher], 2018. Ann Arbor, MI: Inter-university Consortium for Political and Social Research [distributor], 2019-10-12. https://doi.org/10.3886/E112984V1

Project Description

Summary: Macro developments leading up to the 2008 crisis displayed an unprecedented degree of international synchronization. Before the crisis, all G7 countries experienced credit growth and, around the time of the Lehman bankruptcy, they all faced sharp and large contractions in both real and financial activity. Using a two-country model with financial frictions, we show that a global liquidity shortage induced by pessimistic self-fulfilling expectations can quantitatively generate patterns like those observed in the data. The model also suggests that crises are less frequent with more international financial integration but, when they hit, they are larger and more synchronized across countries.

Scope of Project

JEL Classification:
      E23 Macroeconomics: Production
      E32 Business Fluctuations; Cycles
      E44 Financial Markets and the Macroeconomy
      F44 International Business Cycles
      G01 Financial Crises

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Published Versions

V1 [2019-10-12]

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