Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/214194 
Year of Publication: 
2020
Series/Report no.: 
Bar-Ilan University, Department of Economics, Working Paper
Publisher: 
Bar-Ilan University, Department of Economics, Ramat Gan
Abstract: 
Textual analysis of 14,270 NBER Working Papers published during 1999–2016 is done to assess the effects of the 2008 crisis on the economics literature. The volume of crisis-related WPs is counter-cyclical, lagging the financial-instability-index. WPs by the Monetary-Economics, Asset-Pricing, and Corporate-Finance program members, hardly refer to “crisis/crises” in the pre-crisis period. As the crisis develops, however, their study-efforts of crisis-related issues increase rapidly. In contrast, WPs in macroeconomics-related programs refer quite extensively in the pre-crisis period to “crisis/crises” and to crises-related topics. Overall, our findings are consistent with the claim that economists were not engaged sufficiently in crises studies before the 2008 crisis. However, counter to the popular image, as soon as the crisis began to unravel, the NBER affiliated economists responded dramatically by switching their focus and efforts to studying and understanding the crisis, its causes and its consequences.
Subjects: 
2008 Financial Crisis
Textual Analysis
Financial Crises
LDA
Topic Modelling
Securitization
Repo
Sudden Stop
JEL: 
A11
C38
C55
E32
E44
E58
F30
G01
G20
G21
G28
Document Type: 
Working Paper

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