Financial Markets

Some JEP articles recommended for classroom use

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Some faculty teach a class focused on financial markets. But often, papers under this heading also appeared in courses on Money and Banking, Intermediate Macroeconomics, or Public Policy."

Since 2010

Lettau, Martin, and Ananth Madhavan. 2018. “Exchange-Traded Funds 101 for Economists.” Journal of Economic Perspectives 32 (1): 135–54. https://www.aeaweb.org/articles?id=10.1257/jep.32.1.135 

Symposium: The Bailouts of 2007–2009 (Spring 2015) https://www.aeaweb.org/issues/372 

Goolsbee, Austan D., and Alan B. Krueger. 2015. “A Retrospective Look at Rescuing and Restructuring General Motors and Chrysler.” Journal of Economic Perspectives 29 (2): 3–24. https://www.aeaweb.org/articles?id=10.1257/jep.29.2.3 

Frame, W. Scott, Andreas Fuster, Joseph Tracy, and James Vickery. 2015. “The Rescue of Fannie Mae and Freddie Mac.” Journal of Economic Perspectives 29 (2): 25–52. https://www.aeaweb.org/articles?id=10.1257/jep.29.2.25 

Calomiris, Charles W., and Urooj Khan. 2015. “An Assessment of TARP Assistance to Financial Institutions.” Journal of Economic Perspectives 29 (2): 53–80. https://www.aeaweb.org/articles?id=10.1257/jep.29.2.53 

McDonald, Robert, and Anna Paulson. 2015. “AIG in Hindsight.” Journal of Economic Perspectives 29 (2): 81–106. https://www.aeaweb.org/articles?id=10.1257/jep.29.2.81 

Swagel, Phillip. 2015. “Legal, Political, and Institutional Constraints on the Financial Crisis Policy Response.” Journal of Economic Perspectives 29 (2): 107–22. https://www.aeaweb.org/articles?id=10.1257/jep.29.2.107 

Greenwood, Robin, and David Scharfstein. 2013. “The Growth of Finance.” Journal of Economic Perspectives 27 (2): 3–28. https://www.aeaweb.org/articles?id=10.1257/jep.27.2.3 

Symposium: Financial Regulation after the Crisis (Winter 2011) https://www.aeaweb.org/issues/188 

Hanson, Samuel G., Anil K. Kashyap, and Jeremy C. Stein. 2011. “A Macroprudential Approach to Financial Regulation.” Journal of Economic Perspectives 25 (1): 3–28. https://www.aeaweb.org/articles?id=10.1257/jep.25.1.3 

Shleifer, Andrei, and Robert Vishny. 2011. “Fire Sales in Finance and Macroeconomics.” Journal of Economic Perspectives 25 (1): 29–48. https://www.aeaweb.org/articles?id=10.1257/jep.25.1.29 

Mishkin, Frederic S. 2011. “Over the Cliff: From the Subprime to the Global Financial Crisis.” Journal of Economic Perspectives 25 (1): 49–70. https://www.aeaweb.org/articles?id=10.1257/jep.25.1.49 

Reinhart, Vincent. 2011. “A Year of Living Dangerously: The Management of the Financial Crisis in 2008.” Journal of Economic Perspectives 25 (1): 71–90. https://www.aeaweb.org/articles?id=10.1257/jep.25.1.71 

Campbell, John Y., Howell E. Jackson, Brigitte C. Madrian, and Peter Tufano. 2011. “Consumer Financial Protection.” Journal of Economic Perspectives 25 (1): 91–114. https://www.aeaweb.org/articles?id=10.1257/jep.25.1.91 

Woodford, Michael. 2010. “Financial Intermediation and Macroeconomic Analysis.” Journal of Economic Perspectives 24 (4): 21–44. https://www.aeaweb.org/articles?id=10.1257/jep.24.4.21 

Symposium: Financial Plumbing (Winter 2010) https://www.aeaweb.org/issues/120 

Krishnamurthy, Arvind. 2010. “How Debt Markets Have Malfunctioned in the Crisis.” Journal of Economic Perspectives 24 (1): 3–28. https://www.aeaweb.org/articles?id=10.1257/jep.24.1.3 

Kacperczyk, Marcin, and Philipp Schnabl. 2010. “When Safe Proved Risky: Commercial Paper during the Financial Crisis of 2007–2009.” Journal of Economic Perspectives 24 (1): 29–50. https://www.aeaweb.org/articles?id=10.1257/jep.24.1.29 

Duffie, Darrell. 2010. “The Failure Mechanics of Dealer Banks.” Journal of Economic Perspectives 24 (1): 51–72. https://www.aeaweb.org/articles?id=10.1257/jep.24.1.51 

Stulz, Rene M. 2010. “Credit Default Swaps and the Credit Crisis.” Journal of Economic Perspectives 24 (1): 73–92. https://www.aeaweb.org/articles?id=10.1257/jep.24.1.73 

Laux, Christian, and Christian Leuz. 2010. “Did Fair-Value Accounting Contribute to the Financial Crisis?” Journal of Economic Perspectives 24 (1): 93–118. https://www.aeaweb.org/articles?id=10.1257/jep.24.1.93 

2000–2009

Symposium: Early Stages of the Credit Crunch (Winter 2009) https://www.aeaweb.org/issues/94 

Coval, Joshua, Jakub Jurek, and Erik Stafford. 2009. “The Economics of Structured Finance.” Journal of Economic Perspectives 23 (1): 3–25. https://www.aeaweb.org/articles?id=10.1257/jep.23.1.3 

Mayer, Christopher, Karen Pence, and Shane M. Sherlund. 2009. “The Rise in Mortgage Defaults.” Journal of Economic Perspectives 23 (1): 27–50. https://www.aeaweb.org/articles?id=10.1257/jep.23.1.27 

Cecchetti, Stephen G. 2009. “Crisis and Responses: The Federal Reserve in the Early Stages of the Financial Crisis.” Journal of Economic Perspectives 23 (1): 51–75. https://www.aeaweb.org/articles?id=10.1257/jep.23.1.51 

Brunnermeier, Markus K. 2009. “Deciphering the Liquidity and Credit Crunch 2007–2008.” Journal of Economic Perspectives 23 (1): 77–100. https://www.aeaweb.org/articles?id=10.1257/jep.23.1.77 

Shin, Hyun Song. 2009. “Reflections on Northern Rock: The Bank Run That Heralded the Global Financial Crisis.” Journal of Economic Perspectives 23 (1): 101–19. https://www.aeaweb.org/articles?id=10.1257/jep.23.1.101 

Kaplan, Steven N., and Per Stromberg. 2009. “Leveraged Buyouts and Private Equity.” Journal of Economic Perspectives 23 (1): 121–46. https://www.aeaweb.org/articles?id=10.1257/jep.23.1.121 

DeLong, J. Bradford, and Konstantin Magin. 2009. “The U.S. Equity Return Premium: Past, Present, and Future.” Journal of Economic Perspectives 23 (1): 193–208. https://www.aeaweb.org/articles?id=10.1257/jep.23.1.193 

Symposium: Fortieth Anniversary of CAPM (Summer 2004) https://www.aeaweb.org/issues/11 

Perold, André F. 2004. “The Capital Asset Pricing Model.” Journal of Economic Perspectives 18 (3): 3–24. https://www.aeaweb.org/articles?id=10.1257/0895330042162340 

Fama, Eugene F., and Kenneth R. French. 2004. “The Capital Asset Pricing Model: Theory and Evidence.” Journal of Economic Perspectives 18 (3): 25–46. https://www.aeaweb.org/articles?id=10.1257/0895330042162430 

Symposium: Financial Market Efficiency (Winter 2003) https://www.aeaweb.org/issues/5 

Malkiel, Burton G. 2003. “The Efficient Market Hypothesis and Its Critics.” Journal of Economic Perspectives 17 (1): 59–82. https://www.aeaweb.org/articles?id=10.1257/089533003321164958 

Shiller, Robert J. 2003. “From Efficient Markets Theory to Behavioral Finance.” Journal of Economic Perspectives 17 (1): 83–104. https://www.aeaweb.org/articles?id=10.1257/089533003321164967 

Before 2000

Symposium: Bubbles (Spring 1990) https://www.aeaweb.org/issues/267 

Stiglitz, Joseph E. 1990. “Symposium on Bubbles.” Journal of Economic Perspectives 4 (2): 13–18. https://www.aeaweb.org/articles?id=10.1257/jep.4.2.13 

Shleifer, Andrei, and Lawrence H. Summers. 1990. “The Noise Trader Approach to Finance.” Journal of Economic Perspectives 4 (2): 19–33. https://www.aeaweb.org/articles?id=10.1257/jep.4.2.19 

Garber, Peter M. 1990. “Famous First Bubbles.” Journal of Economic Perspectives 4 (2): 35–54. https://www.aeaweb.org/articles?id=10.1257/jep.4.2.35 

Shiller, Robert J. 1990. “Speculative Prices and Popular Models.” Journal of Economic Perspectives 4 (2): 55–65. https://www.aeaweb.org/articles?id=10.1257/jep.4.2.55 

White, Eugene N. 1990. “The Stock Market Boom and Crash of 1929 Revisited.” Journal of Economic Perspectives 4 (2): 67–83. https://www.aeaweb.org/articles?id=10.1257/jep.4.2.67 

Flood, Robert P., and Robert J. Hodrick. 1990. “On Testing for Speculative Bubbles.” Journal of Economic Perspectives 4 (2): 85–101. https://www.aeaweb.org/articles?id=10.1257/jep.4.2.85