How Debt Markets have Malfunctioned in the Crisis

Arvind Krishnamurthy

NBER Working Paper No. 15542
Issued in November 2009

---- Acknowledgements -----

I am grateful to Tobias Adrian, Markus Brunnermeier, Ricardo Caballero, Jan Eberly, Mike Fishman, Gary Gorton, Bengt Holmstrom, Ravi Jagannathan, Jonathan Parker, Todd Pulvino, and Asani Sarkar for their comments. I also thank the editors of the Journal of Economic Perspectives, Timothy Taylor, David Autor and Chad Jones, for their 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.

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