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Complexity and financial panics

[PDF] from bcrp.gob.pe
RJ Caballero… - 2009 - nber.org
During extreme financial crises, all of a sudden, the financial world that was once rife with
profit opportunities for financial institutions (banks, for short) becomes exceedingly complex.
Confusion and uncertainty follow, ravaging financial markets and triggering massive flight- ...
Cited by 38 - Related articles - Library Search - All 15 versions

[PDF] When optimists need credit: asymmetric filtering of optimism and implications for asset prices

[PDF] from chicagobooth.edu
A Simsek - 2010 - faculty.chicagobooth.edu
Abstract Heterogeneity of beliefs has been suggested as a major contributing factor to the
recent financial crisis. This paper theoretically evaluates this hypothesis. Similar to
Geanakoplos (2009), I assume that optimists have limited wealth and take on leverage in ...
Cited by 14 - Related articles - View as HTML - All 12 versions

[PDF] Belief disagreements and collateral constraints

[PDF] from harvard.edu
A Simsek - 2010 - scholar.harvard.edu
Abstract Belief disagreements have been suggested as a major contributing factor to the
recent fi $ nancial crisis. This paper theoretically evaluates this hypothesis. I assume that
optimists have limited wealth and take on leverage in order to take positions in line with ...
Cited by 9 - Related articles - View as HTML - Get it from MIT Libraries - All 5 versions

[BOOK] Moral hazard and efficiency in general equilibrium with anonymous trading

[PDF] from harvard.edu
D Acemoglu, A Simsek… - 2010 - papers.ssrn.com
Abstract: A “folk theorem” originating, among others, in the work of Stiglitz maintains that
competitive equilibria are always or “generically” inefficient (unless contracts directly specify
consumption levels as in Prescott and Townsend, thus bypassing trading in anonymous ...
Cited by 8 - Related articles - Get it from MIT Libraries - Library Search - All 15 versions

[PDF] Durable bargaining power and stochastic deadlines

[PDF] from ucl.ac.uk
A Simsek… - Unpublished, January, 2008 - else.econ.ucl.ac.uk
Abstract Observing that standard assumptions imply extreme discontinuity of bargaining
power in continuous time limit, we develop a model of continuous bargaining power in
continuous time. We formally introduce durability of bargaining power and show that it ...
Cited by 5 - Related articles - View as HTML - All 4 versions

Speculation and risk sharing with new financial assets

[PDF] from harvard.edu
A Simsek - 2011 - nber.org
While the traditional view of financial innovation emphasizes the risk sharing role of new
financial assets, belief disagreements about these assets naturally lead to speculation,
which represents a powerful economic force in the opposite direction. This paper ...
Cited by 9 - Related articles - All 19 versions

[PDF] When Optimists Need Credit: Asymmetric Disciplining of Optimism and Implications for Asset Prices

[PDF] from harvard.edu
A Simsek - Manuscript, May, 2010 - isites.harvard.edu
Abstract Heterogeneity of beliefs has been suggested as a major contributing factor to the
recent financial crisis. This paper theoretically evaluates this hypothesis. Similar to
Geanakoplos (2009), I assume that optimists have limited wealth and take on leverage in ...
Cited by 4 - View as HTML

A Welfare Criterion for Models with Distorted Beliefs

[PDF] from harvard.edu
M Brunnermeier, A Simsek… - 2012 - papers.ssrn.com
Abstract: This paper proposes a welfare criterion for economies in which agents have
heterogeneously distorted beliefs. Instead of taking a stand on agents' beliefs, our criterion
asserts an allocation to be belief-neutral inefficient if it is inefficient under any convex ...
Cited by 1

[BOOK] Solutions Manual for Introduction to Modern Economic Growth

M Peters, A Simsek… - 2009 - pupress.princeton.edu
This manual contains solutions to selected exercises from Introduction to Modern Eco#
nomic Growth by Daron Acemoglu. Our exercise selection has been guided by a number of
principles. First, we have tried to include the exercises that facilitate the understanding of ...
Cited by 1 - View as HTML - Get it from MIT Libraries - Library Search - All 2 versions

DP7821 Moral Hazard and Efficiency in General Equilibrium with Anonymous Trading

D Acemoglu… - 2010 - cepr.org
A'folk theorem'originating, among others, in the work of Stiglitz maintains that competitive
equilibria are always or'generically'inefficient (unless contracts directly specify consumption
levels as in Prescott and Townsend, thus bypassing trading in anonymous markets). This ...
Cached - All 3 versions

[CITATION] Essays on Uncertainty in Economics

A Simsek - 2010 - Massachusetts Institute of …
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Essays on uncertainty in economics

[PDF] from mit.edu
D Acemoglu, R Caballero… - 2010 - dspace.mit.edu
This thesis consists of four essays about" uncertainty" and how markets deal with it.
Uncertainty is about subjective beliefs, and thus it often comes with heterogeneous beliefs
that may be present temporarily or even forever. The first essay analyzes the effect of ...
Related articles - All 2 versions

Financial Crisis and the Paradox of Under-and Over-Regulation

R Caballero… - NBER Working Paper, 2009 - papers.ssrn.com
Abstract: This paper illustrates the paradox of prudential under-regulation in an economy
that adopts financial reform, a reform which exposes the economy to future financial crises.
There is individual-uncertainty about the crisis incidence, and the probability of the crisis is ...

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