## The Crisis and Miss Emily's Perceptions

_Departmental Papers, November 19, 2010_

## Source details

**Canonical URL:** [The Crisis and Miss Emily's Perceptions](https://www.imf.org/en/publications/departmental-papers-policy-papers/issues/2016/12/31/the-crisis-and-miss-emily-s-perceptions-24334)

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## Bibliographic details
- Authors: Luc E. Leruth, Pierre J. Nicolas
- Published: November 19, 2010
- Series: Departmental Papers
- DOI: https://doi.org/10.5089/9781462327331.087

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### Core thesis and analogy
- Draws an analogy between the theme and the characters in Faulkner's short story "A Rose for Emily" and the global financial crisis.
- Argument: in Faulkner's story, characters deny realities and thereby allow an unstable situation to persist longer than it should; similarly, economic actors during the crisis refused to face realities, contributing to the crisis's unfolding.

### Review of literature and analysis
- Brief review of the literature on perception biases.
- Central analytical claim: all economic actors have, to some degree, been refusing to face realities, which helped the crisis to unfold.
- Subject classifications in the paper: Econometric analysis, Economic sectors, Financial institutions, Labor, National accounts.
- Keywords listed in the paper: DP, DPPP, economic policy, Emily, Financial sector, Glass-Steagall Act, Global, Hedge funds, Housing, market mechanism, new economy bubble, private sector, Vector autoregression.

### Notable institutional note
- 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.

*Source: The Crisis and Miss Emily's Perceptions, Luc E. Leruth and Pierre J. Nicolas, Departmental Papers, November 19, 2010. https://www.imf.org/en/publications/departmental-papers-policy-papers/issues/2016/12/31/the-crisis-and-miss-emily-s-perceptions-24334*

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_Source: https://www.imf.org/en/publications/departmental-papers-policy-papers/issues/2016/12/31/the-crisis-and-miss-emily-s-perceptions-24334_