Present Crisis

Dealing with the Present Crisis

Matters of Principal,” New York Times, Op-Ed, March 4, 2009 (with Susan P. Koniak)

Mortgage Justice Is BlindNew York Times, Op-Ed, October 2008 (with Susan P. Koniak)

Solving the Present Crisis and Managing the Leverage Cycle.” Federal Reserve Bank of New York Economic Policy Review, August 2010, pp. 101-131

Managing the Leverage Cycle: A Brief Talk in Milan with Questions and Answers.” Dopo la Crisi: Conseguenze Economiche, Finanziarie e Sociali, Centro Nazionale di Prevenzione e Difesa Sociale, 2010

What’s Missing from Macroeconomics: Endogenous Leverage and Default,” in Marek Jarocinski, Frank Smets, and Christian Thimann (eds.), Approaches to Monetary Policy Revisited — Lesson from the Crisis, Sixth ECB Central Banking Conference 18-19 November 2010, European Central Bank, 2011, pp. 220-238

Incorporating Financial Features into Macroeconomics: Discussion,” in Macroeconomic Challenges: The Decade Ahead. Jackson Hole, Federal Reserve Bank of Kansas City Economic Policy Symposium, 2010

The Leverage Cycle.” In D. Acemoglu, K. Rogoff and M. Woodford, eds., NBER Macroeconomic Annual 2009, vol. 24: 1-65, University of Chicago Press [plus erratum]

Leverage Causes Fat Tails and Clustered Volatility” (November 2011) (with Stefan Thurner, J. Doyne Farmer)

Tranching, CDS and Asset Prices: How Financial Innovation Can Cause Bubbles and Crashes” (August 2011) (with Ana Fostel)

Why Does Bad News Increase Volatility and Decrease Leverage?” (August 2011) (with Ana Fostel)

Greek Debt and American Debt: Graduation Speech at the University of Athens Economics and Business School” (November 2011), CFDP 1837

Monitoring Leverage” (with Lasse H. Pedersen) (November 2011), CFDP 1838


OLDER PAPERS ON COLLATERAL EQUILIBRIUM
AND THE LEVERAGE CYCLE

Promises, Promises.” In W.B. Arthur, S.N. Durlauf and D.A. Lane (eds.), The Economy as an Evolving Complex System II, 1997, pp. 285-320

Liquidity, Default and Crashes: Endogenous Contracts in General Equilibrium.” In M. Dewabtripont, L.P. Hansen, and S.J. Turnovsky, eds., Advances in Economics and Econometrics II, 2003, pp. 170-205