The Lehman Brothers' 2008 bankruptcy spread losses to its counterparties even when Lehman was a lender of cash, because collateral for that lending was tied up in the bankruptcy process. I study the implications of such lender default using a general equilibrium network model featuring...

The coronavirus outbreak raises the question of how central bank liquidity support affects financial stability and promotes economic recovery. Using newly assembled data on cross-county flu mortality rates and state-charter bank balance sheets in New York State, we investigate the effects of the...

Organizations are increasingly turning to crowdsourcing to solve difficult problems. This is often driven by the desire to find the best subject matter experts, strongly incentivize them, and engage them with as little coordination cost as possible. A growing number of authors, however, are...

Recent work by Woolley, Chabris, Pentland, Hashmi, & Malone and their colleagues finds evidence for a general collective intelligence factor that predicts a group’s performance on a wide variety of tasks, like the general intelligence factor does for individuals. Credé and Howardson argue...