Overborrowing, Financial Crises and 'Macro-prudential' Taxes
---- Acknowledgements ----
We thank Rui Albuquerque, Kenza Benhima, Charles Engel, Russ Cooper, Tasos Karantounias, Tim Kehoe, Anton Korinek, Amartya Lahiri, Philippe Martin, Ricardo Nunes, Vincenzo Quadrini, Lukas Schmid, Stijn Van Nieuwerburgh, Harald Uhlig Jaume Ventura, and Stanley Zin for useful comments and discussions. We also thank conference participants at the '2nd Advances in Macro-Finance' Tepper/LAEF Conference, 2011 Bundesbank Spring Conference, 2011 NBER Summer Institute meeting of the Finance & Macro group, ITAM 2010 Summer Camp, MNB-CEPRWorkshop on Financial Frictions, ECB Conference on 'What Future for Financial Globalisation?", The San Francisco Fed's 2010 Pacific Basin Research Conference, and the Bank of Canada conference on 'Financial Globalization and Financial Instability', as well as seminar participants at the Federal Reserve Board, Bank of England, Banco de Mexico, Minneapolis Fed, NYU, University of Pennsylvania, Philadelphia Fed, Rutgers University, Banque de France, De Nederlandsche Bank, and the National Bank of Belgium. The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research.