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- W2034398859 abstract "The financial crisis of 2007–08 started with the collapse of the market for collateralized debt obligations backed by subprime mortgages. In this paper we present a mechanism aimed at explaining how a freeze in a secondary debt market can be amplified and propagated to the real economy, and thereby cause a recession. Moreover, we show why such a process is likely to be especially strong after a prolonged expansion based on the growth of consumer credit and endogenously low risk premia. Hence, our model offers a new perspective on the links between the real and financial sectors, and we show how it can help make sense of several macro-economic features of the 2001–09 period. The key elements of the model are heterogeneity across agents in terms of risk tolerance, a financial sector that allocates systematic risk efficiently across agents, and real decisions that depend on the price of risk." @default.
- W2034398859 created "2016-06-24" @default.
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- W2034398859 date "2014-01-20" @default.
- W2034398859 modified "2023-10-17" @default.
- W2034398859 title "The Allocation of Aggregate Risk, Secondary Market Trades, and Financial Boom-Bust Cycles" @default.
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- W2034398859 doi "https://doi.org/10.1111/jmcb.12096" @default.
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