The Great Leveraging

Alan M. Taylor

NBER Working Paper No. 18290
Issued in August 2012

---- Acknowledgements ----

An earlier draft of this paper was presented at the BIS Annual Conference, Lucerne, 21-22 June 2012. For helpful comments I am grateful to conference participants, and especially to my discussants, Barry Eichengreen and Y. Venugopal Reddy. This paper draws on recent work with collaborators, whom I thank; but the views expressed are those of the author alone, and the responsibility for interpretation, and any and all errors, is mine. Alan Taylor served as a Senior Advisor at Morgan Stanley in 2010-11, and has received compensation for presenting research findings at private and public sector meetings. The views expressed herein are those of the author and do not necessarily reflect the views of the National Bureau of Economic Research.

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