Romer and Romer find financial crisis impact ‘not large’
Research outlines refined measure of financial distress
Studies may be overestimating the impact of financial crises on growth by failing to adequately capture the severity of distress, a working paper published by the National Bureau of Economic Research (NBER) has found.
Christina and David Romer construct a new data series to capture the severity of crises in the paper New Evidence on the Impact of Financial Crises in Advanced Countries. They rank crises in 24 advanced economies on a scale of 1-15, in contrast to previous research which has tended
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