This paper uses the television game show 'Jeopardy!' as a natural experiment to analyze behavior under uncertainty and the ability of players to choose strategic best-responses. The results suggest that, while most players bet in a rational manner, the failure rate for choosing best-responses...

“When confidence is lost, liquidity dries up.” The authors investigate the meaning of “confidence” and “liquidity” in the context of the recent financial crisis, which they maintain is a manifestation of an age-old problem with private money creation: banking panics. The authors...

All economists should be conversant with "what happened?" during the financial crisis of 2007-09. We select and summarize sixteen documents, including academic papers and reports from regulatory and international agencies. This reading list covers the key facts and mechanisms in the build-up of...