Financial Crises

Lecture Notes

LEC #	TOPICS	MATERIALS
1	Understanding Financial Crises: Lessons from History	Lecture 1 (PDF)
2	Borrowing Constraints and the Net Worth Channel	Lecture 2 (PDF)
3	Leverage, Fire Sales, and Amplification Mechanisms	Lecture 3 (PDF - 1.1MB)
4	Understanding Banks’ Losses: Moral Hazard or Mistakes	Lecture 4 (PDF)
5	Liquidity, Part 1: Maturity Mismatch and Banking Panics	Lecture 5 (PDF - 1.3MB)
6	Liquidity, Part 2: Debt, Panics, and Flight to Quality	Lecture 6 (PDF - 1.2MB)
7	Interconnections and Complexity	Lecture 7 (PDF - 1.9MB)
8	Optimal Policy: How to Mitigate or Prevent Crises?	Lecture 8 (PDF - 2.0MB)