NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH

Archive of NBER Papers on Risks of Financial Institutions

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2014
w20803 Markus K. Brunnermeier
Yuliy Sannikov

International Credit Flows and Pecuniary Externalities
w20758 Martin Goetz
Luc Laeven
Ross Levine

Does the Geographic Expansion of Bank Assets Reduce Risk?
w20776 Christopher L. Culp
Yoshio Nozawa
Pietro Veronesi

Option-Based Credit Spreads
w20777 Sergey Chernenko
Samuel G. Hanson
Adi Sunderam

The Rise and Fall of Demand for Securitizations
w20691 Markus K. Brunnermeier
Alp Simsek
Wei Xiong

A Welfare Criterion for Models with Distorted Beliefs
w20703 Frédéric Boissay
Russell Cooper

The Collateral Trap
w20660 Benjamin Chabot
Eric Ghysels
Ravi Jagannathan

Momentum Trading, Return Chasing, and Predictable Crashes
w20638 Hui Chen
Rui Cui
Zhiguo He
Konstantin Milbradt

Quantifying Liquidity and Default Risks of Corporate Bonds over the Business Cycle
w20608 Benjamin Lester
Guillaume Rocheteau
Pierre-Olivier Weill

Competing for Order Flow in OTC Markets
w20480 Andrea M. Buffa
Dimitri Vayanos
Paul Woolley

Asset Management Contracts and Equilibrium Prices
w20490 Javier Bianchi
Saki Bigio

Banks, Liquidity Management and Monetary Policy
w20459 Asaf Bernstein
Eric Hughson
Marc D. Weidenmier

Counterparty Risk and the Establishment of the New York Stock Exchange Clearinghouse
w20468 Matthias Efing
Harald Hau
Patrick Kampkötter
Johannes Steinbrecher

Incentive Pay and Bank Risk-Taking: Evidence from Austrian, German, and Swiss Banks
w20416 Andrew G. Atkeson
Andrea L. Eisfeldt
Pierre-Olivier Weill

Entry and Exit in OTC Derivatives Markets
w20410 Joao Granja
Gregor Matvos
Amit Seru

Selling Failed Banks
w20345 Alberto Bisin
Piero Gottardi
Guido Ruta

Equilibrium Corporate Finance and Intermediation
w20353 Joanne W. Hsu
David A. Matsa
Brian T. Melzer

Positive Externalities of Social Insurance: Unemployment Insurance and Consumer Credit
w20335 Alan Moreira
Alexi Savov

The Macroeconomics of Shadow Banking
w20286 Claudia M. Buch
Linda S. Goldberg

International Banking and Liquidity Risk Transmission: Lessons from Across Countries
w20275 Weerachart T. Kilenthong
Robert M. Townsend

A Market Based Solution to Price Externalities: A Generalized Framework
w20255 Tri Vi Dang
Gary Gorton
Bengt Holmström
Guillermo Ordonez

Banks as Secret Keepers
w20254 Efraim Benmelech
Nittai Bergman
Anna Milanez
Vladimir Mukharlyamov

The Agglomeration of Bankruptcy
w20152 Atif Mian
Amir Sufi

House Price Gains and U.S. Household Spending from 2002 to 2006
w20124 Raimond Maurer
Olivia S. Mitchell
Ralph Rogalla
Ivonne Siegelin

Accounting and Actuarial Smoothing of Retirement Payouts in Participating Life Annuities
w20086 Robert Townsend
Weerachart Kilenthong

Segregated Security Exchanges with Ex Ante Rights to Trade: A Market-Based Solution to Collateral-Constrained Externalities
w20083 Pierre-Cyrille Hautcoeur
Angelo Riva
Eugene N. White

Floating a "Lifeboat": The Banque de France and the Crisis of 1889
w20027 Gary B. Gorton
Andrew Metrick
Lei Xie

The Flight from Maturity
w19931 Péter Kondor
Dimitri Vayanos

Liquidity Risk and the Dynamics of Arbitrage Capital
w19890 Darrell Duffie
Martin Scheicher
Guillaume Vuillemey

Central Clearing and Collateral Demand
w19854 Xavier Gabaix
Matteo Maggiori

International Liquidity and Exchange Rate Dynamics
w19806 Charles W. Calomiris
Mark Carlson

Corporate Governance and Risk Management at Unprotected Banks: National Banks in the 1890s
2013
w19773 Viral V. Acharya
Bruce Tuckman

Unintended Consequences of LOLR Facilities: The Case of Illiquid Leverage
w19701 Daron Acemoglu
Simon Johnson
Amir Kermani
James Kwak
Todd Mitton

The Value of Connections in Turbulent Times: Evidence from the United States
w19705 Pierre Collin-Dufresne
Michael Johannes
Lars A. Lochstoer

Parameter Learning in General Equilibrium: The Asset Pricing Implications
w19707 Viral V. Acharya
Hanh Le
Hyun Song Shin

Bank Capital and Dividend Externalities
w19670 Ing-Haw Cheng
Wei Xiong

Why Do Hedgers Trade So Much?
w19633 William Gornall
Ilya A. Strebulaev

Financing as a Supply Chain: The Capital Structure of Banks and Borrowers
w19643 Jakub W. Jurek
Erik Stafford

The Cost of Capital for Alternative Investments
w19612 Morten Sorensen
Neng Wang
Jinqiang Yang

Valuing Private Equity
w19594 Thomas F. Cooley
Ramon Marimon
Vincenzo Quadrini

Risky Investments with Limited Commitment
w19606 Sumit Agarwal
Itzhak Ben-David
Vincent Yao

Collateral Valuation and Borrower Financial Constraints: Evidence from the Residential Real Estate Market
w19568 Ralph S.J. Koijen
Motohiro Yogo

Shadow Insurance
w19570 Clemens Sialm
Zheng Sun
Lu Zheng

Home Bias and Local Contagion: Evidence from Funds of Hedge Funds
w19572 Anton Korinek
Jonathan Kreamer

The Redistributive Effects of Financial Deregulation
w19550 Sumit Agarwal
Gene Amromin
Itzhak Ben-David
Souphala Chomsisengphet
Douglas D. Evanoff

Predatory Lending and the Subprime Crisis
w19540 Gary Gorton
The Development of Opacity in U.S. Banking
w19514 Markus K. Brunnermeier
Martin Oehmke

Predatory Short Selling
w19517 Keith Brown
Cristian Tiu

The Interaction of Spending Policies, Asset Allocation Strategies, and Investment Performance at University Endowment Funds
w19500 Kent Smetters
Xingtan Zhang

A Sharper Ratio: A General Measure for Correctly Ranking Non-Normal Investment Risks
w19467 Patrick Bolton
Xavier Freixas
Leonardo Gambacorta
Paolo Emilio Mistrulli

Relationship and Transaction Lending in a Crisis
w19403 Erik Gilje
Elena Loutskina
Philip E. Strahan

Exporting Liquidity: Branch Banking and Financial Integration
w19389 Arvind Krishnamurthy
Stefan Nagel

Interpreting Repo Statistics in the Flow of Funds Accounts
w19392 James Andreoni
Michael A. Kuhn
Charles Sprenger

On Measuring Time Preferences
w19292 Gary B. Gorton
Andrew Metrick

The Federal Reserve and Financial Regulation: The First Hundred Years
w19296 Marco Bassetto
Marco Cagetti
Mariacristina De Nardi

Credit Crunches and Credit Allocation in a Model of Entrepreneurship
w19184 Oliver D. Hart
Luigi Zingales

Liquidity and Inefficient Investment
w19139 Harry DeAngelo
René M. Stulz

Why High Leverage is Optimal for Banks
w19065 Nicole M. Aulerich
Scott H. Irwin
Philip Garcia

Bubbles, Food Prices, and Speculation: Evidence from the CFTC's Daily Large Trader Data Files
w19050 Rajkamal Iyer
Manju Puri
Nicholas Ryan

Do Depositors Monitor Banks?
w19051 Tobias Berg
Manju Puri
Jorg Rocholl

Loan officer Incentives and the Limits of Hard Information
w19039 Viral V. Acharya
Sascha Steffen

The "Greatest" Carry Trade Ever? Understanding Eurozone Bank Risks
w19018 Malcolm Baker
Jeffrey Wurgler

Do Strict Capital Requirements Raise the Cost of Capital? Banking Regulation and the Low Risk Anomaly
w19022 Guillermo Ordonez
Sustainable Shadow Banking
w18968 Viral V. Acharya
Robert Engle
Diane Pierret

Testing Macroprudential Stress Tests: The Risk of Regulatory Risk Weights
w18965 Stuart A. Gabriel
Matthew E. Kahn
Ryan K. Vaughn

Congressional Influence as a Determinant of Subprime Lending
w18946 Martin Čihák
Asli Demirgüč-Kunt
Erik Feyen
Ross Levine

Financial Development in 205 Economies, 1960 to 2010
w18923 Anil K Kashyap
Natalia Kovrijnykh

Who Should Pay for Credit Ratings and How?
w18910 Umit G. Gurun
Gregor Matvos
Amit Seru

Advertising Expensive Mortgages
w18890 Mary Amiti
David E. Weinstein

How Much do Bank Shocks Affect Investment? Evidence from Matched Bank-Firm Loan Data
w18891 Viral V. Acharya
Marco Pagano
Paolo Volpin

Seeking Alpha: Excess Risk Taking and Competition for Managerial Talent
w18892 Viral V. Acharya
Heitor Almeida
Filippo Ippolito
Ander Perez

Credit Lines as Monitored Liquidity Insurance: Theory and Evidence
w18895 Kris James Mitchener
Gary Richardson

Does "Skin in the Game" Reduce Risk Taking? Leverage, Liability and the Long-Run Consequences of New Deal Banking Reforms
w18843 Tomasz Piskorski
Amit Seru
James Witkin

Asset Quality Misrepresentation by Financial Intermediaries: Evidence from RMBS Market
w18857 Augustin Landier
David Sraer
David Thesmar

Banks' Exposure to Interest Rate Risk and The Transmission of Monetary Policy
w18766 Jaromir Nosal
Guillermo Ordoñez

Uncertainty as Commitment
w18732 Gary B. Gorton
Guillermo Ordoñez

The Supply and Demand for Safe Assets
w18724 Robert L. McDonald
Measuring Margin
w18675 Olivier Jeanne
Anton Korinek

Macroprudential Regulation Versus Mopping Up After the Crash
2012
w18609 Sumit Agarwal
Efraim Benmelech
Nittai Bergman
Amit Seru

Did the Community Reinvestment Act (CRA) Lead to Risky Lending?
w18537 Robin Greenwood
Augustin Landier
David Thesmar

Vulnerable Banks
w18549 Tobias Adrian
Brian Begalle
Adam Copeland
Antoine Martin

Repo and Securities Lending
w18510 Jonathan A. Parker
LEADS on Macroeconomic Risks to and from the Household Sector
w18513 Zhiguo He
Asaf Manela

Information Acquisition in Rumor Based Bank Runs
w18455 Gary B. Gorton
Andrew Metrick

Who Ran on Repo?
w18427 Charles W. Calomiris
Joseph R. Mason
Marc Weidenmier
Katherine Bobroff

The Effects of Reconstruction Finance Corporation Assistance on Michigan's Banks' Survival in the 1930s
w18398 Markus K. Brunnermeier
Martin Oehmke

Bubbles, Financial Crises, and Systemic Risk
w18394 John Y. Campbell
Tarun Ramadorai
Benjamin Ranish

How Do Regulators Influence Mortgage Risk: Evidence from an Emerging Market
w18397 Gary B. Gorton
Some Reflections on the Recent Financial Crisis
w18358 Michael J. Fishman
Jonathan A. Parker

Valuation, Adverse Selection, and Market Collapses
w18304 Efraim Benmelech
An Empirical Analysis of the Fed's Term Auction Facility
w18321 Ralph S.J. Koijen
Motohiro Yogo

The Cost of Financial Frictions for Life Insurers
w18270 Craig B. Merrill
Taylor D. Nadauld
René M. Stulz
Shane Sherlund

Did Capital Requirements and Fair Value Accounting Spark Fire Sales in Distressed Mortgage-Backed Securities?
w18264 Carola Frydman
Eric Hilt
Lily Y. Zhou

Economic Effects of Runs on Early 'Shadow Banks': Trust Companies and the Impact of the Panic of 1907
w18241 Leonardo Bursztyn
Florian Ederer
Bruno Ferman
Noam Yuchtman

Understanding Peer Effects in Financial Decisions: Evidence from a Field Experiment
w18190 Andrew Caplin
Anna Cororaton
Joseph Tracy

Is the FHA Creating Sustainable Homeownership?
w18139 Daniel Berkowitz
Mark Hoekstra
Koen Schoors

Does Finance Cause Growth? Evidence from the Origins of Banking in Russia
w18112 Edward L. Glaeser
The Political Risks of Fighting Market Failures: Subversion, Populism and the Government Sponsored Enterprises
w18084 Torben G. Andersen
Tim Bollerslev
Peter F. Christoffersen
Francis X. Diebold

Financial Risk Measurement for Financial Risk Management
w17935 Zhiguo He
Wei Xiong

Debt Financing in Asset Markets
w17921 Ing-Haw Cheng
Andrei Kirilenko
Wei Xiong

Convective Risk Flows in Commodity Futures Markets
w17856 Jongha Lim
Bernadette A. Minton
Michael S. Weisbach

Equity-Holding Institutional Lenders: Do they Receive Better Terms?
w17868 Charles W. Calomiris
Doron Nissim

Crisis-Related Shifts in the Market Valuation of Banking Activities
w17873 Nicola Cetorelli
Linda S. Goldberg

Follow the Money: Quantifying Domestic Effects of Foreign Bank Shocks in the Great Recession
w17854 Kay Giesecke
Francis A. Longstaff
Stephen Schaefer
Ilya Strebulaev

Macroeconomic Effects of Corporate Default Crises: A Long-Term Perspective
w17822 Shekhar Aiyar
Charles W. Calomiris
Tomasz Wieladek

Does Macro-Pru Leak? Evidence from a UK Policy Experiment
w17838 Viral V. Acharya
Nada Mora

Are Banks Passive Liquidity Backstops? Deposit Rates and Flows during the 2007-2009 Crisis
w17768 Arvind Krishnamurthy
Stefan Nagel
Dmitry Orlov

Sizing Up Repo
w17771 Gary B. Gorton
Guillermo Ordonez

Collateral Crises
w17736 Sumit Agarwal
David Lucca
Amit Seru
Francesco Trebbi

Inconsistent Regulators: Evidence From Banking
2011
w17685 Dwight Jaffee
John M. Quigley

The Future of the Government Sponsored Enterprises: The Role for Government in the U.S. Mortgage Market
w17660 Martin Goetz
Luc Laeven
Ross Levine

The Valuation Effects of Geographic Diversification: Evidence from U.S. Banks
w17664 Augustin Landier
David Thesmar

Regulating Systemic Risk through Transparency: Tradeoffs in Making Data Public
w17599 Patrick Bolton
Martin Oehmke

Should Derivatives be Privileged in Bankruptcy?
w17558 Viral V. Acharya
A Transparency Standard for Derivatives
w17506 Alp Simsek
Speculation and Risk Sharing with New Financial Assets
w17454 Tobias Adrian
Markus K. Brunnermeier

CoVaR
w17468 Efraim Benmelech
Eyal Dvir

Does Short-Term Debt Increase Vulnerability to Crisis? Evidence from the East Asian Financial Crisis
w17422 Jakub W. Jurek
Erik Stafford

Crashes and Collateralized Lending
w17321 Marcin Kacperczyk
Philipp Schnabl

Implicit Guarantees and Risk Taking: Evidence from Money Market Funds
w17281 Darrell Duffie
Systemic Risk Exposures: A 10-by-10-by-10 Approach
w17238 Jie (Jack) He
Jun 'QJ' Qian
Philip E. Strahan

Are All Ratings Created Equal? The Impact of Issuer Size on the Pricing of Mortgage-backed Securities
w17199 Ngoc-Khanh Tran
Richard J. Zeckhauser

The Behavior of Savings and Asset Prices When Preferences and Beliefs are Heterogeneous
w17136 Viral V. Acharya
Itamar Drechsler
Philipp Schnabl

A Pyrrhic Victory? - Bank Bailouts and Sovereign Credit Risk
w17006 Leonard Nakamura
Durable Financial Regulation: Monitoring Financial Instruments as a Counterpart to Regulating Financial Institutions
w17022 Romney B. Duffey
The Quantification of Systemic Risk and Stability: New Methods and Measures
w16998 Gianni De Nicolò
Marcella Lucchetta

Systemic Risks and the Macroeconomy
w17000 Viral V. Acharya
Alberto Bisin

Counterparty Risk Externality: Centralized Versus Over-the-counter Markets
w16896 Viral V. Acharya
Irvind Gujral
Nirupama Kulkarni
Hyun Song Shin

Dividends and Bank Capital in the Financial Crisis of 2007-2009
w16883 Jeremy C. Stein
Monetary Policy as Financial-Stability Regulation
w16875 Viral V. Acharya
Lars A. Lochstoer
Tarun Ramadorai

Limits to Arbitrage and Hedging: Evidence from Commodity Markets
w16825 Eugene N. White
"To Establish a More Effective Supervision of Banking": How the Birth of the Fed Altered Bank Supervision
w16777 Nicolae Gârleanu
Lasse Heje Pedersen

Margin-Based Asset Pricing and Deviations from the Law of One Price
w16784 Patrick Bayer
Christopher Geissler
Kyle Mangum
James W. Roberts

Speculators and Middlemen: The Strategy and Performance of Investors in the Housing Market
w16787 Santiago Carbo-Valverde
Edward J. Kane
Francisco Rodriguez-Fernandez

Safety-Net Benefits Conferred on Difficult-to-Fail-and-Unwind Banks in the US and EU Before and During the Great Recession
w16766 Efraim Benmelech
Jennifer Dlugosz
Victoria Ivashina

Securitization without Adverse Selection: The Case of CLOs
w16688 Charles W. Calomiris
Joseph Mason
David Wheelock

Did Doubling Reserve Requirements Cause the Recession of 1937-1938? A Microeconomic Approach
2010
w16622 Murillo Campello
Chen Lin
Yue Ma
Hong Zou

The Real and Financial Implications of Corporate Hedging
w16607 Markus K. Brunnermeier
Martin Oehmke

The Maturity Rat Race
w16620 Julio J. Rotemberg
A Behavioral Model of Demandable Deposits and its Implications for Financial Regulation
w16456 George Pennacchi
Mahdi Rastad

Portfolio Allocation for Public Pension Funds
w16394 Viral V. Acharya
Yakov Amihud
Sreedhar T. Bharath

Liquidity Risk of Corporate Bond Returns: A Conditional Approach
w16395 Viral V. Acharya
Ouarda Merrouche

Precautionary Hoarding of Liquidity and Inter-Bank Markets: Evidence from the Sub-prime Crisis
w16337 Adam Ashcraft
Nicolae Gârleanu
Lasse Heje Pedersen

Two Monetary Tools: Interest Rates and Haircuts
w16309 Murillo Campello
Erasmo Giambona
John R. Graham
Campbell R. Harvey

Liquidity Management and Corporate Investment During a Financial Crisis
w16310 Kathleen M. Kahle
René M. Stulz

Financial Policies and the Financial Crisis: How Important Was the Systemic Credit Contraction for Industrial Corporations?
w16242 Kenneth A. Snowden
Covered Farm Mortgage Bonds in the Late Nineteenth Century U.S.
w16244 Kenneth A. Snowden
The Anatomy of a Residential Mortgage Crisis: A Look Back to the 1930s
w16245 Charles Courtemanche
Kenneth A. Snowden

Repairing a Mortgage Crisis: HOLC Lending and its Impact on Local Housing Markets
w16206 Richard Stanton
Nancy Wallace

CMBS Subordination, Ratings Inflation, and the Crisis of 2007-2009
w16223 Monica Billio
Mila Getmansky
Andrew W. Lo
Loriana Pelizzon

Econometric Measures of Systemic Risk in the Finance and Insurance Sectors
w16191 Alberto Manconi
Massimo Massa
Ayako Yasuda

The Behavior of Intoxicated Investors: The role of institutional investors in propagating the crisis of 2007-2008
w16200 Efraim Benmelech
Nittai K. Bergman

Credit Traps
w16174 Davin Chor
Kalina Manova

Off the Cliff and Back? Credit Conditions and International Trade during the Global Financial Crisis
w16176 Ing-Haw Cheng
Harrison Hong
Jose A. Scheinkman

Yesterday's Heroes: Compensation and Creative Risk-Taking
w16177 Franklin Allen
Ana Babus
Elena Carletti

Financial Connections and Systemic Risk
w16178 Andrew Ellul
Vijay Yerramilli

Stronger Risk Controls, Lower Risk: Evidence from U.S. Bank Holding Companies
w16159 Philippe Bacchetta
Cédric Tille
Eric van Wincoop

Self-Fulfilling Risk Panics
w16094 Patrick Bolton
Christopher Harris

The Dynamics of Optimal Risk Sharing
w16079 Viral V. Acharya
Philipp Schnabl

Do Global Banks Spread Global Imbalances? The Case of Asset-Backed Commercial Paper During the Financial Crisis of 2007-09
w15956 Ross Levine
An Autopsy of the U.S. Financial System
w15919 Zhiguo He
In Gu Khang
Arvind Krishnamurthy

Balance Sheet Adjustments in the 2008 Crisis
w15896 Atif R. Mian
Amir Sufi

Household Leverage and the Recession of 2007 to 2009
w15878 Edward P. Lazear
Why Do Inventories Rise When Demand Falls in Housing and Other Markets?
w15817 Marcus Miller
Joseph E. Stiglitz

Leverage and Asset Bubbles: Averting Armageddon with Chapter 11?
w15821 Denis Gromb
Dimitri Vayanos

Limits of Arbitrage: The State of the Theory
w15806 Gara Afonso
Anna Kovner
Antoinette Schoar

Stressed not Frozen: The Fed Funds Market in the Financial Crisis
w15763 Linda S. Goldberg
Craig Kennedy
Jason Miu

Central Bank Dollar Swap Lines and Overseas Dollar Funding Costs
w15718 Joseph E. Stiglitz
Risk and Global Economic Architecture: Why Full Financial Integration May Be Undesirable
w15693 Daron Acemoglu
Institutions, Factor Prices and Taxation: Virtues of Strong States?
w15708 Efraim Benmelech
Nittai K. Bergman

Bankruptcy and the Collateral Channel
w15653 Zhiguo He
Wei Xiong

Rollover Risk and Credit Risk
w15631 Charles Yuji Horioka
Shizuka Sekita

The Degree of Judicial Enforcement and Credit Markets: Evidence from Japanese Household Panel Data
2009
w15552 Murillo Campello
John Graham
Campbell R. Harvey

The Real Effects of Financial Constraints: Evidence from a Financial Crisis
w15573 Eugene N. White
Lessons from the Great American Real Estate Boom and Bust of the 1920s
w15542 Arvind Krishnamurthy
How Debt Markets have Malfunctioned in the Crisis
w15538 Marcin Kacperczyk
Philipp Schnabl

When Safe Proved Risky: Commercial Paper During the Financial Crisis of 2007-2009
w15512 Moritz Schularick
Alan M. Taylor

Credit Booms Gone Bust: Monetary Policy, Leverage Cycles and Financial Crises, 1870-2008
w15515 Christian Laux
Christian Leuz

Did Fair-Value Accounting Contribute to the Financial Crisis?
w15482 Zhiguo He
Wei Xiong

Dynamic Debt Runs
w15405 Stavros Panageas
Optimal taxation in the presence of bailouts
w15403 Charles Calomiris
Banking Crises and the Rules of the Game
w15381 David B. Brown
Bruce Ian Carlin
Miguel Sousa Lobo

On the Scholes Liquidation Problem
w15362 Amir E. Khandani
Andrew W. Lo
Robert C. Merton

Systemic Risk and the Refinancing Ratchet Effect
w15336 George O. Aragon
Philip E. Strahan

Hedge Funds as Liquidity Providers: Evidence from the Lehman Bankruptcy
w15297 Lasse Heje Pedersen
When Everyone Runs for the Exit
w15298 Stefano DellaVigna
Matthew Gentzkow

Persuasion: Empirical Evidence
w15283 Atif R. Mian
Amir Sufi

House Prices, Home Equity-Based Borrowing, and the U.S. Household Leverage Crisis
w15223 Gary B. Gorton
Andrew Metrick

Securitized Banking and the Run on Repo
w15242 Rajkamal Iyer
Asim Ijaz Khwaja
Erzo F.P. Luttmer
Kelly Shue

Screening Peers Softly: Inferring the Quality of Small Borrowers
w15212 Rüdiger Fahlenbrach
René M. Stulz

Bank CEO Incentives and the Credit Crisis
w15197 Douglas W. Diamond
Raghuram G. Rajan

Illiquidity and Interest Rate Policy
w15180 Andrea Beltratti
René M. Stulz

Why Did Some Banks Perform Better During the Credit Crisis? A Cross-Country Study of the Impact of Governance and Regulation
w15138 Emmanuel Farhi
Jean Tirole

Collective Moral Hazard, Maturity Mismatch and Systemic Bailouts
w15083 Raghuram G. Rajan
Rodney Ramcharan

Land and Credit: A Study of the Political Economy of Banking in the United States in the Early 20th Century
w15045 Efraim Benmelech
Jennifer Dlugosz

The Credit Rating Crisis
w15058 Stavros Panageas
Bailouts, the Incentive to Manage Risk, and Financial Crises
w14925 Douglas W. Diamond
Raghuram G. Rajan

Fear of Fire Sales and the Credit Freeze
w14892 Eric Hilt
Wall Street's First Corporate Governance Crisis: The Panic of 1826
w14867 Patrick Bolton
Tano Santos
Jose A. Scheinkman

Outside and Inside Liquidity
w14764 Roland Bénabou
Groupthink: Collective Delusions in Organizations and Markets
w14769 Philippe Aghion
John Van Reenen
Luigi Zingales

Innovation and Institutional Ownership
w14761 Vasiliki Skreta
Laura Veldkamp

Ratings Shopping and Asset Complexity: A Theory of Ratings Inflation
w14727 Markus K. Brunnermeier
Motohiro Yogo

A Note on Liquidity Risk Management
w14688 Ricardo J. Caballero
Arvind Krishnamurthy

Global Imbalances and Financial Fragility
w15611 Stefano Battiston
Domenico Delli Gatti
Mauro Gallegati
Bruce C. Greenwald
Joseph E. Stiglitz

Liaisons Dangereuses: Increasing Connectivity, Risk Sharing, and Systemic Risk
2006
w12597 James Poterba
Joshua Rauh
Steven Venti
David Wise

Defined Contribution Plans, Defined Benefit Plans, and the Accumulation of Retirement Wealth
w12446 David H. Krantz
Howard Kunreuther

Goals and Plans in Protective Decision Making
w12138 Eugene N. White
Bubbles and Busts: The 1990s in the Mirror of the 1920s
w12170 Edward J. Kane
Inadequacy of Nation-Based and VaR-Based Safety Nets in the European Union
w12136 Ricardo J. Caballero
Arvind Krishnamurthy

Flight to Quality and Collective Risk Management
w12074 Kris James Mitchener
Are Prudential Supervision and Regulation Pillars of Financial Stability? Evidence from the Great Depression
w12075 Gary Gorton
Ping He
Lixin Huang

Asset Prices When Agents are Marked-to-Market
2005
w11861 Luca Benzoni
Pierre Collin-Dufresne
Robert S. Goldstein

Can Standard Preferences Explain the Prices of out of the Money S&P 500 Put Options
w11860 Edward J. Kane
Can the European Community Afford to Neglect the Need for More Accountable Safety-Net Management?
w11722 Xavier Gabaix
Parameswaran Gopikrishnan
Vasiliki Plerou
H. Eugene Stanley

Institutional Investors and Stock Market Volatility
w11728 Raghuram G. Rajan
Has Financial Development Made the World Riskier?
w11741 Guenter Franke
Jan Pieter Krahnen

Default Risk Sharing Between Banks and Markets: The Contribution of Collateralized Debt Obligations
w11666 Loriana Pelizzon
Stephen Schaefer

Pillar 1 vs. Pillar 2 Under Risk Management
w11618 Ricardo J. Caballero
Arvind Krishnamurthy

Bubbles and Capital Flow Volatility: Causes and Risk Management
w11608 James O'Brien
Jeremy Berkowitz

Estimating Bank Trading Risk: A Factor Model Approach
w11493 M. Hashem Pesaran
Til Schuermann
Björn-Jakob Treutler

Global Business Cycles and Credit Risk
w11310 Robert J. Barro
Rare Events and the Equity Premium
w11037 Philippe Jorion
Bank Trading Risk and Systemic Risk

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