News from Apr 18, 2017
Research paper by Prof. Trabandt titled ''Understanding the Great Recession'' (with L. Christiano and M. Eichenbaum) wins 2017 Best Paper Award at the American Economic Journal: Macroeconomics.
In “Understanding the Great Recession,” authors Lawrence J. Christiano, Martin S. Eichenbaum, and Mathias Trabandt argue that most of the movement in aggregate real economic activity during the Great Recession were due to financial frictions. According to their model, the fall in total factor productivity and rise in the cost of working capital played critical roles in accounting for the small drop in inflation during the Great Recession. ( AEJ: Macroeconomics, Vol. 7, No.1, January 2015).
For more information please follow: www.aeaweb.org/news/2017-aej-best-papers, www.aeaweb.org/about-aea/honors-awards/aej-best-papers
For the paper please follow: http://pubs.aeaweb.org/doi/pdfplus/10.1257/mac.20140104