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Reading List 2010

Perfect Capital Markets

Fisher, Irving (1930), Theory of Interest: As determined by impatience to spend income and opportunity to invest it, New York: Kelley and Millman.

Modigliani, Franco and Merton H. Miller (1958), “The Cost of Capital, Corporation Finance and the Theory of Investment,” American Economic Review 48(3). pp. 261-297.

Modigliani, Franco and Merton H. Miller (1963), "Corporate income taxes and the cost of capital: a correction." American Economic Review 53(3) pp. 433-443.

Miller, Merton H. (1988), “The Modigliani-Miller Propositions After Thirty Years,” Journal of Economic Perspectives 2(4), pp. 99-120.

Stigler, George J. (1967), "Imperfections in the Capital Market." Journal of Political Economy, 75(3), pp. 287–292.

Stiglitz, Joseph E. (1969), “A Re-Examination of the Modigliani-Miller Theorem,” American Economic Review 59(5), pp. 784-793.

Stiglitz, Joseph E. (1988), “Why Financial Structure Matters,” Journal of Economic Perspectives 2(4), pp. 121-126.

Imperfections in Credit Markets

Credit Rationing

De Meza, David and David C. Webb (1987), “Too Much Investment: A Problem of Asymmetric Information,” Quarterly Journal of Economics 102(2), pp. 281-292.

Jaffee, Dwight and Joseph E. Stiglitz (1990), “Credit rationing,” Chapter 16 in Friedman and Hahn (eds.), Handbook of Monetary Economics 2, pp. 837-888.

Riley, John G. (1987), “Credit Rationing: A Further Remark,” American Economic Review 77(1), pp. 224-227.

Stiglitz, Joseph and Andrew Weiss (1981), “Credit Rationing in Markets with Imperfect Information,” American Economic Review, 71(3), pp. 393-410.

Stiglitz, Joseph and Andrew Weiss (1987a), “Credit Rationing with Many Borrowers,” American Economic Review 77(3), pp. 228-231.

Stiglitz, Joseph and Andrew Weiss (1987b), “Credit Rationing: Reply,” American Economic Review, 77(1), pp. 228-231.

Costly State Verification

Gale, Douglas and Martin Hellwig (1985), “Incentive-Compatible Debt Contracts: The One-Period Problem,” Review of Economic Studies 52(4), pp. 647-663.

Hillier, Brian and Tim Worrall (1994), "The Welfare Implications of Costly Monitoring in the Credit Market," Economic Journal 104(423).

Townsend, Robert M. (1979), "Optimal Contracts and Competitive Markets with Costly State Verification," Journal of Economic Theory 21, pp. 265-293.

Williamson, Stephen D. (1986), “Costly Monitoring, Financial Intermediation, and Equilibrium Credit Rationing,” Journal of Monetary Economics 18, pp. 159-179.

Williamson, Stephen D. (1987), “Costly Monitoring, Loan Contracts, and Equilibrium Credit Rationing,” Quarterly Journal of Economics 102(1), pp. 135-145.

Limited Commitment

Atkeson, Andrew (1991), “International Lending with Moral Hazard and Risk of Repudiation,” Econometrica 59(4), pp. 1069-1089.

Arellano, Cristina (2008), “Default Risk and Income Fluctuations in Emerging Economies,” American Economic Review 98(3), pp. 690-712.

Aguiar, Mark and Gita Gopinath (2006), “Defaultable debt, interest rates, and the current account,” Journal of International Economics 69, pp. 64-83.

Broner, Fernando and Jaume Ventura (2008), “Rethinking the Effects of Financial Liberalization, CREI, mimeo.

Bulow, Jeremy and Kenneth Rogoff (1989), “A Constant Recontracting Model of Sovereign Debt”, Journal of Political Economy 97(1), pp. 155-78.

Bulow, Jeremy and Kenneth Rogoff (1989), “Sovereign Debt: Is to Forgive to Forget?” American Economic Review 79(1), pp. 43-50.

Chatterjee, Satyajit, Dean Corbae, Makoto Nakajima and José-Víctor Ríos-Rull (2007), “A Quantitative Theory of Unsecured Consumer Credit with Risk of Default,”  Econometrica 75(6), pp. 1525-1589.

Cole, Harold L. and Patrick J. Kehoe (1997), “Reviving Reputation Models of International Debt”, Federal Reserve Bank of Minneapolis Quarterly Review, Winter.

Eaton, Jonathan and Raquel Fernandez (1995), “Sovereign debt”, Handbook of International Economics 3, ch. 39, pp. 2032-2077. Also NBER Working Paper w5131.

Eaton, J. and M. Gersovitz (1981), “Debt With Potential Repudiation: Theoretical and Empirical Analysis,” Review of Economic Studies 48, pp. 435-445.

Hall, Robert E. (2008), “Equity Depletion from Government-Guaranteed Debt,” Stanford, mimeo.

Kehoe, Patrick J. and Fabrizio Perri (2002), “International Business Cycles with Endogenous Incomplete Markets”, Econometrica 70, pp. 907-928, May.

Kehoe, Patrick J. and Fabrizio Perri (2004), “Competitive equilibria with limited enforcement,” Journal of Economic Theory 119, pp. 184-206.

Kletzer Kenneth M. and Brian D. Wright (2000), “Sovereign Debt as Intertemporal Barter”, American Economic Review 90(3), pp. 621-639.

Leverage and Default

Cao, Dan (2010), “Collateral Shortages, Asset Price and Investment Volatility with Heterogeneous Beliefs,” mimeo.

Dubey, Pradeep, John Geanakoplos and M. Shubik (2005), “Default and Punishment in General Equilibrium,” Econometrica 73(1), 1-37.

Fostel, Ana and John Geanakoplos (2008), “Leverage Cycles and the Anxious Economy,” American Economic Review 98(4), pp. 1211-1244.

(*) Geanakoplos, John (1997), “Promises, Promises,” In W.B. Arthur, S. Durlauf and D. Lane (eds.), The Economy as an Evolving Complex System, pp. 285-320

Geanakoplos, John (2010), “The Leverage Cycle,” in Acemoglu Daron, Kenneth Rogoff, and Michael Woodford (eds.), NBER Macroeconomics Annual

Simsek, Alp (2010), “When Optimists Need Credit: Asymmetric Disciplining of Optimism for Asset Prices,” mimeo.

Imperfections in Risk Markets

Bolton, Patrick, Marco Becht and Alisa Roell (2002), “Corporate Governance and Control,” NBER Working Paper w9371.

Eberly, Janice and Neng Wang (2009), Reallocating and pricing illiquid capital, Northwestern, mimeo.

Farhi, Emmanuel and Jean Tirole (2009), Leverage and the Central Banker's Put, Harvard, mimeo.

Greenwald, Bruce; Stiglitz, Joseph E. and Weiss, A. "Informational Imperfections in the Capital Markets and Macroeconomic Fluctuations". American Economic Review, 74(2), May 1984, pp. 194-199.

Jensen, Michael C. (1986), “The Agency Costs of Free Cash Flow: Corporate Finance and Takeovers,” American Economic Review 76(2), pp. 323-329.

Jensen, Michael C. and William H. Meckling (1976), “Theory of the Firm: Managerial Behavior, Agency Costs and Ownership Structure,” Journal of Financial Economics 3, pp. 305-360.

Harris, Milton, and Artur Raviv (1991), The theory of capital structure, Journal of Finance 46, pp. 297-355.

Hubbard, R. Glen (1998), "Capital-Market Imperfections and Investment," Journal of Economic Literature, 36, pp. 193-225.

Leland, Hayne E. and David H. Pyle (1977), “Informational Asymmetries, Financial Structure, and Financial Intermediation,” Journal of Finance, 32(2), pp. 371-387.

Myers, Stewart C. (1984), "The Capital Structure Puzzle," Journal of Finance 39, pp. 575-592.

Myers, Stewart C. and Nicholas S. Majluf.  “Corporate Financing and Investment Decisions When Firms Have Information That Investors Do Not Have,” Journal of Financial Economics, 13, 1984.

Narayanan, M.P. (1985), “Managerial Incentives for Short-term Results,” Journal of Finance 40(5), pp. 1469-1484.

Stein, Jeremy C. (1989), “Efficient Capital Markets, Inefficient Firms: A Model of Myopic Corporate Behavior,” Quarterly Journal of Economics 104, pp. 655-669.

Stein, Jeremy C. (2003), “Agency, information and corporate investment,” in Handbook of the Economics of Finance, edited by G.M. Constantinides, M. Harris and R. Stulz, Elsevier.

Stein, Jeremy C. (2009), “Sophisticated Investors and Market Efficiency,” AFA Presidential Address.

Liquidity and Liquidity Crises

Allen, Franklin and Douglas Gale (1994), “Limited Market Participation and Volatility of Asset Prices,” American Economic Review 84(4), pp. 933-955.

Allen, Franklin and Douglas Gale (2000), “Financial Contagion,” Journal of Political Economy 108, pp. 1-33.

Beaudry, Paul and Amartya Lahiri (2009), “Risk Allocation, Debt Fueled Expansion and Financial Crisis.”

Bhattacharya, Sudipto, Anjan V. Thakor and Arnoud W.A. Boot (1998), “The Economics of Bank Regulation,” Journal of Money, Credit, and Banking 30(4).

Brunnermeier, Markus and Lasse Pedersen (2008), “Market Liquidity and Funding Liquidity,” Review of Financial Studies.

Caballero, Ricardo J. and Arvind Krishnamurthy (2008), “Collective Risk Management in a Flight to Quality Episode,” Journal of Finance 63(5).

Chang, Roberto and Andres Velasco (2000), “Financial Fragility and the Exchange Rate Regime,” Journal of Economic Theory 92, pp. 1-34.

Chang, Roberto and Andres Velasco (1999), “Liquidity Crises in Emerging Markets: Theory and Policy,” in NBER Macroeconomics Annual 1999, edited by Ben Bernanke and Julio Rotemberg, Cambridge: MIT Press.

Chari, V.V. and Pat Kehoe (2003), “Hot Money,” Journal of Political Economy 111, pp. 1262-1292.

Diamong, Douglas W. (2007), “Banks and Liquidity Creation: A Simple Exposition of the Diamond-Dybvig Model,” Economic Quarterly of Richmond Fed 93(2).

Diamond, Douglas W. and Philip H. Dybvig (1983), Bank Runs, Deposit Insurance, and Liquidity, Journal of Political Economy 91(3), pp. 401-419.

Diamond, Douglas W. and Raghuram G. Rajan (2000), “A Theory of Bank Capital,” Journal of Finance 55(6), pp. 2431-2465.

Diamond, Douglas W. and Raghuram G. Rajan (2001), “Banks, Short Term Debt and Financial Crises: Theory, Policy Implications and Applications,” Carnegie Rochester Conference on Public Policy, 54, pp. 37-71.

Diamond, Douglas W. and Raghuram G. Rajan (2001), ”Liquidity Risk, Liquidity Creation, and Financial Fragility: A Theory of Banking,” Journal of Political Economy, pp. 287-327.

Farhi, Emmanuel, Mike Golosov and Aleh Tsyvinski (2008), “A Theory of Liquidity and Regulation of Financial Intermediation,” Harvard, mimeo.

Farhi, Emmanuel and Jean Tirole (2008), “Competing Liquidities,” Harvard, mimeo.

Goldstein, Itay and Ady Pauzner (2005), “Demand-Deposit Contracts and the Probability of Bank Runs,” Journal of Finance 60(3), pp. 1293-1327.

He, Zhiguo and Wei Xiong (2009), “Dynamic Bank Runs,” Princeton, mimeo.

Holmstrom, Bengt and Jean Tirole (1998), “Private and Public Supply of Liquidity,” Journal of Political Economy 106(1), pp. 1-40.

Holmstrom, Bengt and Jean Tirole (1997), “Financial Intermediation, Loanable Funds, and the Real Sector,” Quarterly Journal of Economics 112(3), pp. 663-691.

Holmstrom, Bengt and Jean Tirole (2001), “LAPM: A Liquidity-Based Asset Pricing Model,” Journal of Finance 56(5), pp. 1837-1867.

Shin, Hyun Song (2008), “Risk and Liquidity,” Clarendon Lectures in Finance,

Liquidity and Debt Maturity

Acharya, Viral V., Douglas M. Gale and Tanju Yorulmazer (2009), Rollover Risk and Market Freezes, NYU, mimeo.

Aguiar, Mark and Gita Gopinath (2006), “Defaultable debt, interest rates and the current account,” Journal of International Economics 69(1), pp. 64-83.

Arellano, Cristina and Ananth Ramanarayanan (2008), “Default and the Maturity Structure in Sovereign Bonds,” mimeo.

Bi, Ran (2007), “Debt Dilution and the Maturity Structure of Sovereign Bonds,” University of Maryland, mimeo.

Bolton, Patrick, Tano Santos and José A. Scheinkman (2009), “Outside and Inside Liquidity,” NBER Working Paper No w14867.

Borensztein, Eduardo, Marcos Chamon et al. (2005), “Sovereign Debt Structure for Crisis Prevention”, IMF Occasional Papers 237.

Broner, Fernando, Guido Lorenzoni and Sergio Schmukler (2007), “Why Do Emerging Economies Borrow Short Term?” MIT, mimeo.

Brunnermeier, Markus K. and Martin Oehmke (2009), "The Maturity Rat Race," Princeton, mimeo.

Brunnermeier, Markus K. and Motohiro Yogo (2009), “Liquidity Risk Hedging,” Princeton, mimeo.

Calomiris, Charles W. and Charles M. Kahn (1991), “The Role of Demandable Debt in Structuring Optimal Banking Arrangements,” American Economic Review 81(3), pp. 497-513.

Chatterjee, Satyajit et al. (2007), “A Quantitative Theory of Unsecured Consumer Credit with Risk of Default,” Econometrica 75(6), pp. 1525 - 1589.

Diamond, Douglas W. (1991). “Debt Maturity Structure and Liquidity Risk.” Quarterly Journal of Economics 106(3), pp. 709-737.

Jeanne, Olivier (2008), “Debt Maturity and the International Financial Architecture,” American Economic Review, forthcoming.

Tirole, Jean (2009), “Illiquidity and all its Friends.”

Financial Amplification

Aghion, Philippe; Abhijit Banerjee and Thomas Piketty (1999), "Dualism and Macro-Economic Stability," in Quarterly Journal of Economics, Vol. 114 (4), pp. 1359-1397.

Aghion, Philippe, Philippe Bacchetta and Abhijit Banerjee (2004), “Financial development and the instability of open economies," Journal of Monetary Economics 51(6), pp. 1077-1106.

Bernanke, Ben S. (1983), “Nonmonetary Effects of the Financial Crisis in the Propagation of the Great Depression,” American Economic Review, 73(3), 257-276.  Also in Gregory Mankiw and David Romer, eds. (1991), New Keynesian Economics.

Bernanke, Ben S. and Gertler, Mark (1990), "Financial Fragility and Economic Performance," Quarterly Journal of Economics 105(1), pp. 87-114.

Brunnermeier, Markus and Lasse Pedersen (2008), “Market Liquidity and Funding Liquidity,” Review of Financial Studies.

Caballero, Ricardo J. and Arvind Krishnamurthy (2008), “Collective Risk Management in a Flight to Quality Episode,” Journal of Finance 63(5).

Caballero, R. and G. Lorenzoni, “Persistent Appreciations and Overshooting: A Normative Analysis, ” MIT Mimeo, April 2007

Carlstrom, Charles T. and Timothy S. Fuerst (1997), “Agency Costs, Net Worth, and Business Fluctuations: A Computable General Equilibrium Analysis,” American Economic Review 87(5), pp. 893-910.

Fisher, Irving (1933), “The Debt-Deflation Theory of Great Depressions,” Econometrica, 1(4), pp. 337-357.

Figueroa, Nicolàs and Oksana Leukhina (2007), “Information Asymmetries and an Endogenous Productivity Reversion Mechanism,” UNC Chapel Hill, mimeo.

Greenwald, Bruce and Stiglitz, Joseph E. (1993), "Financial Market Imperfections and Business Cycles", Quarterly Journal of Economics, 108(1), pp. 77–114.

Kiyotaki, Nobuhiro and John Moore (1997), Credit Cycles, Journal of Political Economy, 105(2), 1997, 211-248.

Kocherlakota, Narayana R. (2000), “Creating Business Cycles Through Credit Constraints,” Minneapolis Fed Quarterly Review 24(3), pp. 2–10.

Krishnamurthy, Arvind (2003), “Collateral Constraints and the Amplification Mechanism,” Journal of Economic Theory 111, pp. 277-292.

Krishnamurthy, Arvind (2009), “Amplification Mechanisms in Liquidity Crises,” Northwestern, mimeo.

Krugman (1999), “Balance Sheets, The Transfer Problem, and Financial Crises”,

Mendoza, Enrique G. and Katherine A. Smith (2006), “Quantitative implications of a debt-deflation theory of Sudden Stops and asset prices,” Journal of International Economics 70(1), pp. 82-114

Financial Amplification and Externalities

Geanakoplos, John and Heraklis Polemarcharkis (1986), “Existence, Regularity, and Constrained Suboptimality of Competitive Allocations when the Asset Market Is Incomplete.” in W. Heller, R. Starr, and D. Starrett (eds.), Essays in Honor of Kenneth Arrow, Vol. 3. Cambridge University Press, 1986, pp. 65-95.

Gromb, Denis and Dimitri Vayanos (2002), “Equilibrium and welfare in markets with financially constrained arbitrageurs,” Journal of Financial Economics 66(2-3), pp. 361-407.

Jeanne, Olivier and Anton Korinek (2010), “Excessive Volatility in Capital Flows: A Pigouvian Taxation Approach,” forthcoming in American Economic Review Papers and Proceedings 100(2).

Jeanne, Olivier and Anton Korinek (2010), “Managing Credit Booms and Busts: A Pigouvian Taxation Approach,” University of Maryland, mimeo.

Korinek, Anton (2008), “Regulating Capital Flows to Emerging Markets,” University of Maryland, mimeo.

Korinek, Anton (2009), “Systemic Risk-Taking: Amplification Effects, Externalities, and Regulatory Responses,” University of Maryland, mimeo.

Lorenzoni, Guido (2008), “Inefficient Credit Booms,” Review of Economics Studies.

Rampini, Adriano A. and S. Viswanathan (2008), Collateral, Financial Intermediation, and the Distribution of Debt Capacity.

Booms, Bubbles and Crashes

Abreu, Dilip and Markus Brunnermeier (2003), “Bubbles and Crashes,” Econometrica, 71(1), pp. 173-204.

Allen, Franklin and Douglas Gale (2000), “Bubbles and Crises,” Economic Journal 110(460), pp. 236-255.

Bernanke, Ben S. and Mark Gertler (2000), “Monetary Policy and Asset Price Volatility,” NBER Working Paper w7559.

Blanchard, Olivier (2000), “Bubbles, Liquidity traps, and Monetary Policy: Comments,” MIT, mimeo.

Brunnermeier, Markus (2006), New Palgrave survey on "Bubbles," Princeton, mimeo.

Caballero, Ricardo J., Emmanuel Farhi and Mohamad L. Hammour (2006), “Speculative Growth: Hints from the US Economy,” American Economic Review, 66(4), 1159-1192.

Caballero, Ricardo J. and Arvind Krishnamurthy (2006), “Bubbles and Capital Flow Volatility: Causes and Risk Management,” Journal Monetary of Economics 53(1), pp. 35-53.

Cass, David and Karl Shell (1983), “Do Sunspots Matter?” Journal of Political Economy, 91(2), 193-227.

Kindleberger, Charles P. (1987), “Manias, Panics and Crashes: A History of Financial Crises,” Wiley.

Santos, M.S. and Michael Woodford (1997), “Rational Asset Pricing Bubbles,” Econometrica, 65(1), pp. 19-57.

Scheinkman, José and W. Xiong (2003), “Overconfidence and Speculative Bubbles,” Journal of Political Economy, 111(6), pp. 1183-1219.

Shleifer, Andrei and Robert Vishny (1997), “The Limits of Arbitrage,” Journal of Finance 52(1), pp. 35-55.

Tirole, Jean (1985), “Asset Bubbles and Overlapping Generations,” Econometrica, 53(6), pp. 1499-1528.

Ventura, Jaume (2003), “Economic Growth with Bubbles,” CREI, mimeo.

Ventura, Jaume (2004), “Bubbles and Capital Flows,” CREI, mimeo.

Topics on International Capital Flows

Korinek, Anton, Agustin Roitman and Carlos Vegh (2010), "Decoupling and Recoupling," forthcoming in American Economic Review Papers and Proceedings 100(2).

Korinek, Anton and Luis Serven (2010), "Real Exchange Rate Undervaluation: Static Losses, Dynamic Gains," mimeo.

Rodrik, Dani (2008), "The Real Exchange Rate and Economic Growth: Theory and Evidence," Brookings Papers on Economic Activity, Fall 2008, pp. 365-412.

Stiglitz, Joseph E. (2010), "Risk and Global Economic Architecture: Why Full Financial Integration May Be Undesirable," NBER Working Paper w15718. 

Topics on Monetary Economics

Adrian, Tobias and Hyun Song Shin (2008), “Money, Liquidity and Monetary Policy.”

Aghion, Philippe, Philippe Bacchetta and Abhijit Banerjee (2001), “Currency Crises and Monetary Policy in an Economy with Credit Constraints,” European Economic Review  45(7), pp. 1121-1150.

Bernanke, Ben S. and Alan Blinder (1988), “Credit, Money, and Aggregate Demand,” American Economic Review 78(2), pp. 435-439.

Bernanke, Ben S. and Mark Gertler (1989), “Agency Cost, Net Worth, and Business Fluctuations,” American Economic Review 79(1), pp. 14-31.

Bernanke, Ben S. and Mark Gertler (1990), “Financial Fragility and Economic Performance,” Quarterly Journal of Economics 104, pp. 87-114.

Bernanke, Ben S. and Mark Gertler (1995), “Inside the Black Box: The Credit Channel of Monetary Transmission,” Journal of Economic Perspectives 9(4), pp. 27-48.

Bernanke, Ben S. and Mark Gertler (2000), “Monetary Policy and Asset Price Volatility,” NBER Working Paper w7559.

Bernanke, Ben S. and Mark Gertler (2001), “Should Central Banks Respond to Movements in Asset Prices?” American Economic Review 91(2), pp. 253-257.

Bernanke, Ben S., Mark Gertler and Simon Gilchrist (1999), “The Financial Accelerator in a Quantitative Business Cycle Framework,” in J.B. Taylor (ed.), Handbook of Macroeconomics 1C, New York: Elsevier, pp. 1341-1393. Also NBER WP w6455.

Blanchard, Olivier (2000), “Bubbles, Liquidity traps, and Monetary Policy: Comments,” MIT, mimeo.

Blinder, Alan S. and Joseph E. Stiglitz (1983), “Money, Credit Constraints and Economic Activity,” American Economic Review 73(2), pp. 297-302.

Bordo, Michael D. and Olivier Jeanne (2002), “Monetary Policy And Asset Prices: Does 'Benign Neglect' Make Sense?” International Finance 5(2), pp. 139-164.

Caballero, Ricardo J. and Arvind Krishnamurthy (2005), “Exchange Rate Volatility and the Credit Channel in Emerging Markets: A Vertical Perspective,” International Journal of Central Banking 1(1), pp. 207-245.

Curdia, Vasco and Michael Woodford (2008), “Credit Frictions and Optimal Monetary Policy,” Columbia University, mimeo.

Gertler, Mark and Peter Karadi (2009), “A Model of Unconventional Monetary Policy,” NYU, mimeo.

Gilchrist, Simon and John V. Leahy (2002), “Monetary policy and asset prices,” Journal of Monetary Economics 49(1), pp. 75-97.

Greenwald, Bruce and Joseph E. Stiglitz (2003), Towards a new paradigm of monetary economics (Raffaele Mattioli Lectures), Cambridge University Press.

Guerrieri, Veronica and Guido Lorenzoni (2008), Liquidity and Trading Dynamics, MIT, mimeo.

Iacoviello, Matteo (2005), “House Prices, Borrowing Constraints and Monetary Policy in the Business Cycle,” American Economic Review 95(3), 739-764.

Kashyap, Anil, Jeremy Stein, and David Wilcox (1994), “Monetary Policy and Credit Conditions:  Evidence from the Composition of External Finance,” American Economic Review, 83(1).

Kiyotaki, Nobuhiro and John Moore (2002), Evil is the Root of All Money, Clarendon Lectures, Part 1.

Kiyotaki, Nobuhiro and John H. Moore (2008), “Liquidity, Business Cycles and Monetary Policy” (updated version of Clarendon Lectures, Part 2), University of Edinburgh, mimeo.

Sweeney, Joan and Richard (1977), “Monetary Theory and the Great Capital Hill Baby Sitting Co-op Crisis,” Journal of Money, Credit and Banking 9(1), pp. 86-89.

Selected Papers on the Subprime Crises

Allen, Franklin and Elena Carletti (2008), “The Role of Liquidity in Financial Crises,” Jackson Hole Symposium.

Brunnermeier, Markus (2009), “Deciphering the Liquidity and Credit Crunch 2007-08,” Journal of Economic Perspectives 23(1), pp. 77-100.

Caballero, Ricardo J. and Pablo Kurlat (2008), “Flight to Quality and Bailouts: Policy Remarks and a Literature Review,” MIT, mimeo.

Caballero, Ricardo J. and Arvind Krishnamurthy (2008), “Global Imbalances and Financial Fragility,” MIT, mimeo.

Calomiris, Charles W. (2008), “The Subprime Crisis: What's Old, What's New, and What's Next,” Jackson Hole Symposium.

Diamond, Douglas and Raghuram Rajan (2008), “The Credit Crisis: Conjectures about Causes and Remedies,” University of Chicago, mimeo.

Diamond, Douglas and Raghuram Rajan (2009), “Fear of Fire Sales and the Credit Freeze,” University of Chicago, mimeo.

Gerardi, Kristopher, Andreas Lehnert, Shane M. Sherlund and Paul Willen (2008), Making Sense of the Subprime Crisis, Federal Reserve, mimeo.

Greenlaw, David, Jan Hatzius, Anil K. Kashyap and Hyun Song-Shin (2008), “Leveraged Losses: Lessons from the Mortgage Meltdown,” University of Chicago, mimeo.

Hoshi, Takeo and Anil K Kashyap (2008), Will the U.S. Bank Recapitalization Succeed? Lessons from Japan, NBER Working Paper No. 14401.

Krishnamurthy, Arvind (2008), The Financial Meltdown; Data and Diagnosis, Northwestern, mimeo.

Krugman, Paul (2008), The Return of Depression Economics and the Crisis of 2008, W.W. Norton, ISBN 0393071014.

Rajan, Raghuram G. (2005), Has Financial Development Made the World Riskier?, Jackson Hole Conference. See also: highly critical comments by Donald L. Kohn.

Stein, Jeremy C., Anil Kashyap and Raghuram Rajan (2008), “Rethinking Capital Regulation,” Jackson Hole Symposium.

Swagel, Phillip (2009), “The Financial Crisis: An Inside View,” mimeo.

Veronesi, Pietro and Luigi Zingales (2008), Paulson's Gift, University of Chicago, mimeo.

Zingales, Luigi (2008), The Future of Securities Regulation, University of Chicago, mimeo.