Fear of Fire Sales and the Credit Freeze
---- Acknowledgements -----
Both authors are from the University of Chicago's Booth School of Business. We thank the Center for Research in Security Prices for research support. Rajan thanks the Initiative on Global Markets and the Stigler Center for research support. We thank Viral Acharya, Amit Seru, Jeremy Stein, and Robert Vishny for helpful discussions, as well as participants in seminars at Federal Reserve Bank of Richmond, Princeton University, the University of Chicago and the University of Minnesota for useful comments. The views expressed herein are those of the author(s) and do not necessarily reflect the views of the National Bureau of Economic Research.