NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH
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Pecuniary Externalities in Economies with Financial Frictions

Eduardo Dávila, Anton Korinek

NBER Working Paper No. 22444
Issued in July 2016, Revised in February 2017

---- Acknowledgments ----

This paper combines the manuscripts "Systemic Risk-Taking: Amplification Effects, Externalities, and Regulatory Responses" by Anton Korinek (2011) and "Dissecting Fire Sales Externalities" by Eduardo Dávila (2014). An earlier version of the combined manuscript was circulated under the title "Fire-Sale Externalities." We thank our editor, Dimitri Vayanos, and three anonymous referees for their guidance and insightful comments. We are also greatly indebted to participants at numerous conference and seminar presentations who have provided many helpful comments. Korinek is grateful for financial support from the Lamfalussy Fellowship of the ECB, the Institute for New Economic Thinking, and the NFI. Dávila is grateful for financial support from the Rafael del Pino Foundation. 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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