Fire Sales in Finance and Macroeconomics

Andrei Shleifer, Robert W. Vishny

NBER Working Paper No. 16642
Issued in December 2010

---- Acknowledgements -----

We thank Efraim Benmelech, Eduardo Davila, Nicola Gennaioli, Robin Greenwood, Samuel Hanson, Oliver Hart, Anil Kashyap, Joshua Schwartzstein, Alp Simsek, Jeremy Stein, Rene Stulz, and the editors of the Journal of Economic Perspectives for helpful comments. 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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