NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH

Collective Risk Management in a Flight to Quality Episode

Ricardo J. Caballero, Arvind Krishnamurthy

NBER Working Paper No. 12896
Issued in February 2007

---- Acknowledgements -----

Respectively: MIT and NBER; Northwestern University. E-mails: caball@mit.edu, a-krishnamurthy@northwestern.edu. We are grateful to Marios Angeletos, Olivier Blanchard, Phil Bond, Jon Faust, Xavier Gabaix, Jordi Gali, Michael Golosov, William Hawkins, Burton Hollifield, Bengt Holmstrom, Dimitri Vayanos, Ivan Werning and seminar participants at Columbia, DePaul, Imperial College, LBS, Northwestern, MIT, Wharton, NY Fed Liquidity Conference, NBER MIDM Conference, UBC Summer Conference, Bank of England, and the Central Bank of Chile for their comments. David Lucca and Alp Simsek provided excellent research assistance. Caballero thanks the NSF for financial support. This paper covers the same substantive issues as (and hence replaces) "Flight to Quality and Collective Risk Management," NBER WP # 12136. The views expressed herein are those of the author(s) and do not necessarily reflect the views of the National Bureau of Economic Research.

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