ReconstructingtheGreatRecession-St.LouisFed.PDF

Research Division Federal Reserve Bank of St. Louis Working Paper Series Reconstructing the Great Recession Michele Boldrin Carlos Garriga Adrian Peralta-Alva And Juan M. Sánchez Working Paper 2013-006B /wp/2013/2013-006.pdf February 2013 Revised June 2013 FEDERAL RESERVE BANK OF ST. LOUIS Research Division P.O. Box 442 St. Louis, MO 63166 ______________________________________________________________________________________ The views expressed are those of the individual authors and do not necessarily reflect official positions of the Federal Reserve Bank of St. Louis, the Federal Reserve System, or the Board of Governors. Federal Reserve Bank of St. Louis Working Papers are preliminary materials circulated to stimulate discussion and critical comment. References in publications to Federal Reserve Bank of St. Louis Working Papers (other than an acknowledgment that the writer has had access to unpublished material) should be cleared with the author or authors. Reconstructing the Great Recession Michele Boldrin Carlos Garriga Washington University in St. Louis Federal Reserve Bank of St. Louis Federal Reserve Bank of St Louis Adrian Peralta-Alva Juan M. S·nchez International Monetary Fund Federal Reserve Bank of St. Louis This draft: J