Detecting "Bad" Leverage
Chapter in forthcoming NBER book Risk Topography: Systemic Risk and Macro Modeling, Markus K. Brunnermeier and Arvind Krishnamurthy, editors
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I thank Atif Mian, Robert Vishny, and participants in the NBER Systemic Risk Initiative in April 2011 in Chicago. This note was prepared for the NBER Systemic Risk Initiative.