Financial Innovation, the Discovery of Risk, and the U.S. Credit Crisis
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Financial innovation and overconfidence about asset values and the riskiness of new financial products were important factors behind the U.S. credit crisis. We show that a boom-bust cycle in debt, asset prices and consumption characterizes the equilibrium dynamics of a model with a collateral
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美国国家经济研究局创建时间：
2010-05-01
