In most instances, I will focus only on those downturns associated with credit crunches. 10 A credit crunch, according to the White House Council of Economic Advisers, "occurs when the supply of credit is restricted below the range usually identified with prevailing market interest rates and the profitability of investment projects."
As my participation at the Wilton Park Conference was only decided a few days ago, I simply did not have the time to prepare a talk on the original topic. And that is why I would ask you to forgive the fact that I will not be speaking on the subject that had been planned for my colleague Professor Stark.