'There was a world BC (Before Crisis) and there will be a world AD (After Deleveraging) the challenge is to create an effective, efficient yet stable and sustainable financial system for this "new world". This book provides the most comprehensive and thought-provoking basis for action I have...

In the conduct of monetary policy, there exists a risk-return trade-off between financial conditions and financial stability, which complements monetary policy's traditional trade-off between inflation and real activity. The trade-off exists even if monetary policy does not target financial...

Business cycles are costlier and stabilization policies more beneficial than widely thought. This paper shows that all business cycles are asymmetric and resemble mini "disasters." By this we mean that growth is pervasively fat-tailed and non-Gaussian. Using long-run historical data, we show...