Financial crises have large deleterious effects on economic activity, and as such have been
the focus of a large body of research. This study surveys the existing literature on financial …

By analyzing 20 developed economies over 1920–2012, we find the following evidence of
overoptimism and neglect of crash risk by bank equity investors during credit expansions:(i) …

“A concise and powerful account of how the great recession happened and what should be
done to avoid another one... well-argued and consistently informative.”—Wall Street Journal …

It is high time we rediscovered the role of the financial cycle in macroeconomics. In the
environment that has prevailed for at least three decades now, it is not possible to …

The financial crisis has refocused attention on money and credit fluctuations, financial crises,
and policy responses. We study the behavior of money, credit, and macroeconomic …

Global current account imbalances have recently been singled out by many as a key factor
contributing to the global financial crisis. Current account surpluses in several emerging …

Applied Austrian economics doesn't get better than this. Murray N. Rothbard's America's
Great Depression is a staple of modern economic literature and crucial for understanding a …

One of the central questions of comparative po liti cal economy is why there is so much more
poverty in the United States than in any other developed country. In any way that we can …

This paper explores several questions about credit booms and busts: What triggers credit
booms? When do credit booms end up in busts, and when do they not? What is the role of …

The recent global crisis has sparked interest in the relationship between income inequality,
credit booms, and financial crises. Rajan (2010) and Kumhof and Rancière (2011) propose …