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)

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