Systemic risk and macroeconomic fat tails
We propose a mechanism for shock amplification that potentially can account for fat tails in the distribution of the growth rate of national output. We argue that extreme macroeconomic events, such as the Great Depression and the Great Recession, were preceded by significant turmoil in the banking s...
| Main Authors: | , , |
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| Other Authors: | |
| Format: | Book Section |
| Language: | English |
| Published: |
Springer
2018
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| Subjects: | |
| Online Access: | https://eprints.nottingham.ac.uk/46540/ |