Allington, Nigel F. B.; McCombie, John S. L.; Pike, Maureen - In: Journal of Post Keynesian Economics 34 (2012) 4, pp. 555-582
The subprime crisis was largely unanticipated as the efficient market hypothesis held sway and the Gaussian techniques used to rate collateralized debt obligations were assumed to have diversified risk and reduced systemic risk. However, as this paper argues, many of the shortcomings stemming...