| 000 -LEADER |
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| fixed length control field |
01125nam a22001457a 4500 |
| 008 - FIXED-LENGTH DATA ELEMENTS--GENERAL INFORMATION |
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| fixed length control field |
230328b ||||| |||| 00| 0 eng d |
| 100 ## - MAIN ENTRY--PERSONAL NAME |
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| Personal name |
Paluszynski, Radoslaw |
| 245 ## - TITLE STATEMENT |
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| Title |
Learning about debt crises |
| 260 ## - PUBLICATION, DISTRIBUTION, ETC. (IMPRINT) |
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| Place of publication, distribution, etc |
American Economic Journal: Macroeconomics |
| 300 ## - PHYSICAL DESCRIPTION |
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| Extent |
15(1), Jan, 2023: p.106-134 |
| 520 ## - SUMMARY, ETC. |
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| Summary, etc |
The European debt crisis presents a challenge to our understanding of the relationship between government bond yields and economic fundamentals. I argue that information frictions are an important missing element and support that claim with evidence on the evolution of GDP forecast errors after 2008. I build a quantitative model of sovereign default where output features rare disasters and agents learn about their realizations. Debt crises coincide with economic depressions and develop gradually while markets update their expectations about future income. Calibrated to the Portuguese economy, the model replicates the comovement of bond spreads and output before and after 2008.- Reproduced |
| 773 ## - HOST ITEM ENTRY |
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| Main entry heading |
American Economic Journal: Macroeconomics |
| 906 ## - LOCAL DATA ELEMENT F, LDF (RLIN) |
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| Subject DIP |
DEBT CRISES |
| 942 ## - ADDED ENTRY ELEMENTS (KOHA) |
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| Item type |
Articles |
