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Moneta e Credito 2010
Modelli formali della crisiKeywords: Cultura economica , Crisi finanziaria , Regole Abstract: In this paper a distinction is made between the immediate technical-financial causes that unleashed the crisis in the United States, and its macroeconomic causes, which also explain its international transmission. Two formal paradigmatic models are considered. The first is Lia€ s formula on default correlation (a€ The Formula that Killed Wall Streeta€), whose misuse gave rise to the crisis. The second is the international financial multiplier set forth by Paul Krugman. After examining these two models, the paper concludes that, contrary to widespread opinion, the crisis was indeed foreseen by some economists, who, coming from the non-mainstream side of the profession, were largely ignored.
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