NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH

Balance Sheet Adjustments in the 2008 Crisis

Zhiguo He, In Gu Khang, Arvind Krishnamurthy

NBER Working Paper No. 15919
Issued in April 2010

---- Acknowledgements -----

We thank participants in seminars at the Minneapolis Fed, Northwestern University, NYU, University of Chicago, University of Illinois Urbana-Champaign, University of Waterloo, and the 10th Annual Jacques Polak IMF conference for their comments. We also thank Viral Acharya, Tobias Adrian, Markus Brunnermeier, John Cochrane, Doug Diamond, Nicolae Garleanu, Pat O’Brien, Pierre-Olivier Gourinchas, Christian Leuz, David Lucca, Anil Kashyap, Ayhan Kose, Raghu Rajan, and Hyun Shin for helpful comments and discussions. The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research.

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