We provide a survey of 31 quantitative measures of systemic risk in the economics and
finance literature, chosen to span key themes and issues in systemic risk measurement and …

This is the first paper in a series of two that synthesizes, compares, and extends methods for
causal inference with longitudinal panel data in a structural equation modeling (SEM) …

At the onset of the Great Recession, as house prices sank and joblessness soared, many
commentators concluded that the economic convictions behind the disaster would now be …

This paper surveys the theoretical and empirical literature on the macroeconomic
implications of financial imperfections. It focuses on two major channels through which …

We investigate the role of uncertainty in business cycles. First, we demonstrate that
microeconomic uncertainty rises sharply during recessions, including during the Great …

This paper develops a new theory of fluctuations—one that helps accommodate the notions
of “animal spirits” and “market sentiment” in unique‐equilibrium, rational‐expectations …

This book retraces the history of macroeconomics from Keynes's General Theory to the
present. Central to it is the contrast between a Keynesian era and a Lucasian-or dynamic …

In this chapter, we discuss a number of challenges for structural macroeconomic models in
the light of the Great Recession and its aftermath. It shows that a benchmark DSGE model …

Progress on the question of whether policymakers should respond directly to financial
variables requires a realistic economic model that captures the links between asset prices …

Abstract The Great Financial Crisis of 2007-09 confirmed the vital importance of advancing
our understanding of macrofinancial linkages, the two-way interactions between the real …