The Great Recession: A Self-Fulfilling Global Panic
构建了一个两国模型，证明只要存在最低程度的经济一体化，商业周期恐慌就会跨国同步，并解释了2008年全球经济为何特别容易陷入全球恐慌。
While the 2008–2009 financial crisis originated in the United States, output, consumption, and investment declined by similar magnitudes around the globe. Given the partial integration of both goods and financial markets, what can account for the remarkable global business cycle synchronicity during this period? To address this question, we develop a two-country model allowing for self-fulfilling business cycle panics. We show that a business cycle panic will necessarily be synchronized across countries as long as there is a minimum level of economic integration. Several factors, including tight credit, made the global economy particularly vulnerable to a global panic in 2008.