Crunch Time: Fiscal Crises and the Role of MonetaryPolicy*
David GreenlawJames D. HamiltonPeter Hooper Frederic S. MishkinFebruary 22, 2013 ________________________________________________
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This paper was written for the U.S. Monetary Policy Forum, New York City,February 22, 2013. We thank Anil Kashyap for helpful comments. We also thank Matthew Luzzetti, Rumki Majumdar, and John Abraham for their substantivecontributions to our analysis and Richard Cunniff for editorial assistance. The viewsexpressed here are ours alone and do not necessarily reflect those of the institutions withwhich we are affiliated. Author affiliations and email addresses: Greenlaw: ManagingDirector and Chief U.S. Fixed Income Economist, Morgan Stanley(David.Greenlaw@morganstanley.com); Hamilton: Professor of Economics, Universityof California at San Diego ( email@example.com
) and Research Associate of the NationalBureau of Economic Research; Hooper: Managing Director and Chief Economist,Deutsche Bank Securities Inc. ( firstname.lastname@example.org); Mishkin: Alfred Lerner Professor of Banking and Financial Institutions, Graduate School of Business, Columbia University(email@example.com) and Research Associate of the National Bureau of EconomicResearch. Disclosure of Mishkin’s outside compensated activities can be found on hiswebsite athttp://www0.gsb.columbia.edu/faculty/fmishkin/