Topic 3
Discuss the implications of the financial crisis of 2007-2008 for the validity of the efficient markets hypothesis making reference to specific examples.
Theoretical aspects should be presented in rigorous and analytical fashion. Evidence should include quantitative elements.
Basic structure:
1. Title. Max: 100 characters. This is not the Topic, it is a very short
sentence stating the core idea of your essay.
2. Introduction: provide an outline of what you are covering in your
essays and how. Be brief, but informative.
3. Body of the essay.
4. Conclusions: wrap up and limitations of the
essay.
5. Reference list.
References to use:
Buiter, W.H. (2007), Lessons from the 2007 Financial Crisis, CEPR Discussion Paper No. DP6596.
Calrida, R., Gali, J., Gertler, M. (1997), Monetary Policy Rules in Practice: Some International Evidence, European Economic Review, 42, 6, 1033 – 1067.
Claessens, S., Kose, A., Terrones, M. E. (2009), What Happens During Recessions, Crunches and Busts?, Economic Policy, 24, 653 – 700.
Flannery, M. (1996), Financial Crises, Payment System Problems, and Discount Window Lending, Journal of Money, Credit and Banking, 28, 4, 804-824.
Ivashinaa, V., Scharfsteinb, D. (2010), Bank Lending During the Financial Crisis of 2008, Journal of Financial Economics, 97, 3, 319-338.
Mishkin, F. (1999), International Experiences with Different Monetary Policy Regimes, NBER Working Paper Series, Vol. w6965.
Mishkin F. (1992), Anatomy of a Financial Crisis, NBER Working Paper No. 3934.
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