Experiment

α π

α Y

Mean number of crises

Pre-Volcker

0.86

0.39

52 (±29)

Volcker-Greenspan

1.72

0.34

30 (±11)

Post-1982

2.55

0.00

86 (±37)

Post-2008

0.00

1.30

10 (±6)

Total mean

44