NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH

A Model of Capital and Crises

Zhiguo He, Arvind Krishnamurthy

NBER Working Paper No. 14366
Issued in September 2008

---- Acknowledgements -----

We thank Andrea Eisfeldt, Oleg Bondarenko, Darrell Duffie, Mike Fishman, Ravi Jagannathan, Haitao Li, John Moore, Andrea Prat, Dimitri Vayanos, Adrien Verdelhan, Wei Xiong and participants at seminars at Northwestern, LSE, UIC, NBER Summer Institute, CICF 2006, and SITE 2006, SED 2009, Yale Financial Crisis Conference 2009, FESAMES 2009 for helpful comments. A previous version of this paper was titled "Intermediation, Capital Immobility, and Asset Prices." 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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