Market Responses to the Panic of 2008
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We model the panic of 2008 as part of the wealth and substitution effects deriving from a housing price crash that began in 2006. The dissipation of the wealth effect stimulates a reorganization of the banking industry and increases in employment, GDP, and unemployment. The release of resources from
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美国国家经济研究局创建时间：
2008-10-01
