Economists in the 2008 financial crisis: Slow to see,fast to act |
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| Affiliation: | 1. Department of Economics, Bar-Ilan University, Ramat-Gan 5290002, Israel;2. Department of Economics, Emory University, Atlanta, GA 30322, United States;3. ICEA, Wilfrid Laurier University, Waterloo, Ontario, Canada;4. RCEA, University of Bologna, Rimini, Italy;5. International School of Economics at Tbilisi State University, 0108 Tbilisi, Georgia;6. Graduate School of Business Administration, Bar-Ilan University, Ramat Gan 5290002, Israel |
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| Abstract: | We study the economics- and finance-scholars’ reaction to the 2008 financial crisis using machine learning language analyses methods of Latent Dirichlet Allocation and dynamic topic modelling algorithms, to analyze the texts of 14,270 NBER working papers covering the 1999–2016 period. We find that academic scholars as a group were insufficiently engaged in crises’ studies before 2008. As the crisis unraveled, however, they switched their focus to studying the crisis, its causes, and consequences. Thus, the scholars were “slow-to-see,” but they were “fast-to-act.” Their initial response to the ongoing Covid-19 crisis is consistent with these conclusions. |
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| Keywords: | 2008 financial crisis great recessionNBER working papers Machine learning LDA textual analysis Dynamic topic modeling |
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