Features two papers that illuminate causes of the financial crisis: how firms accessed credit during the financial crisis and how changing price and treatment of risk in mortgage lending was measured in the UK in the decades before the crisis.
Daron Acemoglu is the Charles P. Kinderberger Professor of Applied Economics at the Massachusetts Institute of Technology and a research associate of the NBER. Jonathan Parker is the Donald C. Clark/HSBC Professor of Consumer Finance at the Northwestern University Kellogg School of Management and a research associate of the NBER. Michael Woodford is the John Bates Clark Professor of Political Economy at Columbia University and a research associate of the NBER.