The Impact of the Crisis on the Real Economy
Date of publication:
18 January 2010
Pages:
11 Free download (pdf, 263.6 Kb)Downloaded: 1348 times
The recent financial crisis was caused by a combination of asset price bubbles, mainly in the real estate sector, and a credit bubble that led to excessive leverage. A recurrent theme of this paper is that an appropriate assessment of the crisis should be made in light of the bubble that preceded it. Accordingly, the current situation should be compared to a ‘no-bubble’ benchmark rather than the pre-crisis period. Furthermore, the fall in GDP may be a flawed measure of the severity of the crisis if we aim to assess the true impact of the crisis on the wider public: the latter is more affected by job stability and consumption paths than GDP statistics.
An earlier version of this paper by Daniel Gros, Director of the Centre for European Policy Studies and Cinzia Alcidi, LUISS Research Fellow at CEPS, was published as an EP Briefing in a study conducted by the European Parliament.
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CEPS Authors:
Daniel Gros
CEPS Authors:
Cinzia Alcidi
Date of publication:
18 January 2010
type:
PDF file
Pages:
11 | Attachment | Size | Hits | Last download |
|---|---|---|---|
| PB201 Gros Alcidi on the Financial Crisis final with CEPS banner.pdf | 257.42 KB | 78 | 9 hours 30 min ago |
The recent financial crisis was caused by a combination of asset price bubbles, mainly in the real estate sector, and a credit bubble that led to excessive leverage. A recurrent theme of this paper is that an appropriate assessment of the crisis should be made in light of the bubble that preceded it. Accordingly, the current situation should be compared to a ‘no-bubble’ benchmark rather than the pre-crisis period. Furthermore, the fall in GDP may be a flawed measure of the severity of the crisis if we aim to assess the true impact of the crisis on the wider public: the latter is more affected by job stability and consumption paths than GDP statistics.
An earlier version of this paper by Daniel Gros, Director of the Centre for European Policy Studies and Cinzia Alcidi, LUISS Research Fellow at CEPS, was published as an EP Briefing in a study conducted by the European Parliament.
Date of publication:
18 January 2010
Pages:
11 Free download (pdf, 263.6 Kb)Downloaded: 1348 times
The recent financial crisis was caused by a combination of asset price bubbles, mainly in the real estate sector, and a credit bubble that led to excessive leverage. A recurrent theme of this paper is that an appropriate assessment of the crisis should be made in light of the bubble that preceded it. Accordingly, the current situation should be compared to a ‘no-bubble’ benchmark rather than the pre-crisis period. Furthermore, the fall in GDP may be a flawed measure of the severity of the crisis if we aim to assess the true impact of the crisis on the wider public: the latter is more affected by job stability and consumption paths than GDP statistics.
An earlier version of this paper by Daniel Gros, Director of the Centre for European Policy Studies and Cinzia Alcidi, LUISS Research Fellow at CEPS, was published as an EP Briefing in a study conducted by the European Parliament.
€ 0.00
CEPS Authors:
Daniel Gros
CEPS Authors:
Cinzia Alcidi
Date of publication:
18 January 2010
type:
PDF file
Pages:
11 | Attachment | Size | Hits | Last download |
|---|---|---|---|
| PB201 Gros Alcidi on the Financial Crisis final with CEPS banner.pdf | 257.42 KB | 78 | 9 hours 30 min ago |
The recent financial crisis was caused by a combination of asset price bubbles, mainly in the real estate sector, and a credit bubble that led to excessive leverage. A recurrent theme of this paper is that an appropriate assessment of the crisis should be made in light of the bubble that preceded it. Accordingly, the current situation should be compared to a ‘no-bubble’ benchmark rather than the pre-crisis period. Furthermore, the fall in GDP may be a flawed measure of the severity of the crisis if we aim to assess the true impact of the crisis on the wider public: the latter is more affected by job stability and consumption paths than GDP statistics.
An earlier version of this paper by Daniel Gros, Director of the Centre for European Policy Studies and Cinzia Alcidi, LUISS Research Fellow at CEPS, was published as an EP Briefing in a study conducted by the European Parliament.
€ 0.00
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[label] => File attachments
[description] => Upload module form.
[weight] => 6
[view] => files
)
[print] => Array
(
[label] => Printer, e-mail and PDF versions
[description] => Print module form.
[weight] => 17
)
[shipping] => Array
(
[label] => Shipping
[description] => Shipping settings form.
[weight] => 8
)
[base] => Array
(
[label] => Product information
[description] => Product module form.
[weight] => 7
)
[body] => Array
(
[label] => Description
[description] => Node description. (View tab)
[weight] => 10
)
)
[field_type] => Array
(
[#type_name] => book
[#context] => full
[#field_name] => field_type
[#post_render] => Array
(
[0] => content_field_wrapper_post_render
)
[#weight] => 2
[field] => Array
(
[#description] =>
[items] => Array
(
[0] => Array
(
[#formatter] => default
[#node] => stdClass Object
*RECURSION*
[#type_name] => book
[#field_name] => field_type
[#weight] => 0
[#theme] => text_formatter_default
[#item] => Array
(
[value] => PDF
[format] =>
[safe] =>
type:
PDF file List Price: € 0.00
[#access] => 0
[#weight] => 2
)
[cost] => Array
(
[#value] => Cost: € 0.00
[#access] =>
[#weight] => 3
)
[field_book_number] => Array
(
[#type_name] => book
[#context] => full
[#field_name] => field_book_number
[#post_render] => Array
(
[0] => content_field_wrapper_post_render
)
[#weight] => 3
[field] => Array
(
[#description] =>
[items] => Array
(
[0] => Array
(
[#formatter] => default
[#node] => stdClass Object
*RECURSION*
[#type_name] => book
[#field_name] => field_book_number
[#weight] => 0
[#theme] => text_formatter_default
[#item] => Array
(
[value] =>
[safe] =>
[#delta] => 0
)
[#title] =>
[#description] =>
[#theme_used] => 1
[#printed] => 1
[#type] =>
[#value] =>
[#prefix] =>
[#suffix] =>
)
[#title] =>
[#description] =>
[#printed] => 1
)
[#single] => 1
[#attributes] => Array
(
)
[#required] =>
[#parents] => Array
(
)
[#tree] =>
[#context] => full
[#page] => 1
[#field_name] => field_book_number
[#title] => Number
[#access] => 1
[#label_display] => inline
[#teaser] =>
[#node] => stdClass Object
*RECURSION*
[#type] => content_field
[#printed] => 1
)
[#title] =>
[#description] =>
[#printed] => 1
)
[field_book_pages] => Array
(
[#type_name] => book
[#context] => full
[#field_name] => field_book_pages
[#post_render] => Array
(
[0] => content_field_wrapper_post_render
)
[#weight] => 4
[field] => Array
(
[#description] =>
[items] => Array
(
[0] => Array
(
[#formatter] => default
[#node] => stdClass Object
*RECURSION*
[#type_name] => book
[#field_name] => field_book_pages
[#weight] => 0
[#theme] => number_formatter_default
[#item] => Array
(
[value] => 11
[#delta] => 0
)
[#title] =>
[#description] =>
[#theme_used] => 1
[#printed] => 1
[#type] =>
[#value] =>
[#prefix] =>
[#suffix] =>
[#children] => 11
)
[#title] =>
[#description] =>
[#children] => 11
[#printed] => 1
)
[#single] => 1
[#attributes] => Array
(
)
[#required] =>
[#parents] => Array
(
)
[#tree] =>
[#context] => full
[#page] => 1
[#field_name] => field_book_pages
[#title] => Pages
[#access] => 1
[#label_display] => inline
[#teaser] =>
[#node] => stdClass Object
*RECURSION*
[#type] => content_field
[#children] => 11
[#printed] => 1
)
[#title] =>
[#description] =>
[#children] =>
Pages:
11 Price: € 0.00
[#access] => 0
[#weight] => 4
)
[weight] => Array
(
[#value] => Weight: 0 g
[#access] => 0
[#weight] => 5
)
[files] => Array
(
[#weight] => 6
[#value] => | Attachment | Size |
|---|---|
| PB201 Gros Alcidi on the Financial Crisis final with CEPS banner.pdf | 257.42 KB |
Dimensions: 0 cm × 0 cm × 0 cm
[#access] => 0
[#weight] => 6
)
[add_to_cart] => Array
(
[#weight] => 10
[#access] => 1
[#value] => The recent financial crisis was caused by a combination of asset price bubbles, mainly in the real estate sector, and a credit bubble that led to excessive leverage. A recurrent theme of this paper is that an appropriate assessment of the crisis should be made in light of the bubble that preceded it. Accordingly, the current situation should be compared to a ‘no-bubble’ benchmark rather than the pre-crisis period. Furthermore, the fall in GDP may be a flawed measure of the severity of the crisis if we aim to assess the true impact of the crisis on the wider public: the latter is more affected by job stability and consumption paths than GDP statistics.
An earlier version of this paper by Daniel Gros, Director of the Centre for European Policy Studies and Cinzia Alcidi, LUISS Research Fellow at CEPS, was published as an EP Briefing in a study conducted by the European Parliament.
€ 0.00
CEPS Authors:
Daniel Gros
CEPS Authors:
Cinzia Alcidi
Date of publication:
18 January 2010
type:
PDF file
Pages:
11 | Attachment | Size |
|---|---|
| PB201 Gros Alcidi on the Financial Crisis final with CEPS banner.pdf | 257.42 KB |
The recent financial crisis was caused by a combination of asset price bubbles, mainly in the real estate sector, and a credit bubble that led to excessive leverage. A recurrent theme of this paper is that an appropriate assessment of the crisis should be made in light of the bubble that preceded it. Accordingly, the current situation should be compared to a ‘no-bubble’ benchmark rather than the pre-crisis period. Furthermore, the fall in GDP may be a flawed measure of the severity of the crisis if we aim to assess the true impact of the crisis on the wider public: the latter is more affected by job stability and consumption paths than GDP statistics.
An earlier version of this paper by Daniel Gros, Director of the Centre for European Policy Studies and Cinzia Alcidi, LUISS Research Fellow at CEPS, was published as an EP Briefing in a study conducted by the European Parliament.
CEPS Authors:
Daniel Gros
CEPS Authors:
Cinzia Alcidi
Date of publication:
18 January 2010
type:
PDF file
Pages:
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