One of the Basel Committee on Banking Supervision's responses to the global financial crisis of 2007-2009 was to introduce the Liquidity Coverage Ratio (LCR), a short-term measure that evaluates whether a bank has enough liquidity to meet expected cash outflows during a 30-day stress scenario....

From the earliest efforts to mandate the amount of capital banks must maintain, regulators have grappled with how best to accomplish this task. Until the 1980s, regulation had been based largely on discretion and judgment. In the wake of two bank failures, the central bank governors of the G10...

Lehman Brothers' failure and the vulnerabilities of the large investment banks and other nonbank financial institutions were a major part of the 2007-09 financial crisis. Ten years after the crisis, the Federal Reserve's decisions about how to respond to the potential failures of these...

We survey the literature on securitization and lay out a research program for its open questions. Securitization is the process by which loans, previously held to maturity on the balance sheets of financial intermediaries, are sold in capital markets. Securitization has grown from a small amount...

This paper is Chapter 5 of the textbook, "Venture Capital and the Finance of Innovation." The focal point of the chapter is a subjective listing of 15 “top-tier” VC firms, based upon historical investment performance and success in charging above market fees and carried interest. The list...

The sale and repurchase (repo) market played a central role in the recent financial crisis. From the second quarter of 2007 to the first quarter of 2009, net repo financing provided to U.S. banks and broker-dealers fell by about $1.3 trillion - more than half of its pre-crisis total. Significant...

All economists should be conversant with “what happened?” during the financial crisis of 2007-2009. We select and summarize 16 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...

In September 2008, in the midst of the broader financial crisis, the Federal Reserve Board of Governors used its emergency authority under Section 13(3) of the Federal Reserve Act to authorize the largest loan in its history, a $85 billion collateralized credit line to American International...

We show how to construct a ranking of U.S. undergraduate programs based on students' revealed preferences. We construct examples of national and regional rankings, using hand-collected data on 3,240 high- achieving students. Our statistical model extends models used for ranking players in...