The Crisis and Miss Emily's Perceptions

Author/Editor:

Luc E. Leruth ; Pierre J. Nicolas

Publication Date:

November 19, 2010

Electronic Access:

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Disclaimer: The views expressed herein are those of the author(s) and do not necessarily represent the views of the IMF, its Executive Board, or IMF management.

Summary:

The Crisis and Miss Emily's Perceptions draws an analogy between the theme and the characters in Faulkner's short story "A Rose for Emily" and the global financial crisis. In Faulkner's story, all the characters try to deny realities, thus allowing an unstable situation to last longer than it should have. The paper briefly reviews the literature on perception biases and argues that all economic actors have, to some degree, been refusing to face realities, which helped the crisis to unfold.

Series:

Departmental Paper No. 10/10

Subject:

Frequency:

Biannually

English

Publication Date:

November 19, 2010

ISBN/ISSN:

9781462327331/

Stock No:

CMEPEA

Format:

Paper

Pages:

31

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