NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH

Introduction to "Risk Topography: Systemic Risk and Macro Modeling"

Markus K. Brunnermeier, Arvind Krishnamurthy

Chapter in NBER book Risk Topography: Systemic Risk and Macro Modeling (2014), Markus K. Brunnermeier and Arvind Krishnamurthy, editors (p. 1 - 12)
Conference held April 28, 2011
Published in August 2014 by University of Chicago Press
© 2014 by the National Bureau of Economic Research

This chapter introduces the importance of measuring risks to form a comprehensive "risk topography" of the economy. The book is comprised of a series of blocks, or set of chapters, each one discussing a different facet of the issue. These include issues of conceptual measurement, risk exposures, factors that may indicate vulnerability, such as liquidity and leverage, intermediary funding and lending, and finally the real estate sector. The chapters in this book are particularly focused on vulnerabilities that can lead to amplified response to negative shocks. As a large part of the risk is endogenous and self-generated by the system, the measurement can only be understood in connection with general equilibrium models. Measurements will allow researchers and regulators to discriminate across models and improve our understanding of macro-financial links.

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This paper was revised on May 23, 2013

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