The Crisis and Miss Emily's Perceptions

November 19, 2010

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Format: Chicago

Luc E. Leruth, and Pierre J. Nicolas The Crisis and Miss Emily's Perceptions, (USA: International Monetary Fund, 2010) accessed November 24, 2024

Disclaimer: The views expressed herein are those of the author(s) and do not necessarily represent the views of the IMF, its Executive Board, or IMF management.

Summary

The Crisis and Miss Emily's Perceptions draws an analogy between the theme and the characters in Faulkner's short story "A Rose for Emily" and the global financial crisis. In Faulkner's story, all the characters try to deny realities, thus allowing an unstable situation to last longer than it should have. The paper briefly reviews the literature on perception biases and argues that all economic actors have, to some degree, been refusing to face realities, which helped the crisis to unfold.

Subject: Econometric analysis, Economic sectors, Financial institutions, Labor, National accounts

Keywords: DP, DPPP, Economic policy, Emily, Financial sector, Glass-Steagall Act, Global, Hedge funds, Housing, Market mechanism, New economy bubble, Private sector, Vector autoregression

Publication Details

Pages:

31
Volume:

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DOI:

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Issue:

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Series:

Departmental Paper No 2010/010
Stock No:

CMEPEA
ISBN:

9781462327331
ISSN:

2616-5333

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