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1703431051
[7]参见下列研究的模型,它们描述了这一逻辑:Michael Harrison and David Kreps,“Speculative Investor Behavior in a Stock Market with Heterogeneous Expectations,” Quarterly Journal of Economics 92 (1978)
:323-36; Jose Scheinkman and Wei Xiong,“Overconfidence and Speculative Bubbles,” Journal of Political Economy 111 (2003)
:1183-219; and Dilip Abreu and Markus Brunnermeier,“Bubbles and Crashes,” Econometrica 71 (2003)
:173-204。
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1703431053
[8]下面的讨论主要受到以下文章的启发:John Geanakoplos,“The Leverage Cycle,” in NBER Macroeconomic Annual 2009,vol.24,ed.Daron Acemoglu,Kenneth Rogoff,and Michael Woodford (Chicago
:University of Chicago Press,2010),1-65。
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[9]可以通过以下公式确认:100 × $125,000 = $12.5百万。
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1703431057
[10]See,for example, Edward Glaeser,Joshua Gottlieb,and Joseph Gyourko,“Can Cheap Credit Explain the Housing Boom?” (working paper no.16230,NBER,July 2010).
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1703431059
[11]Nicola Gennaioli,Andrei Shleifer,and Robert Vishny,“Neglected Risks,Financial Innovation,and Financial Fragility,” Journal of Financial Economics 104 (2012)
:452-68.
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1703431061
[12]Solow,foreword to Manias,Panics and Crashes.
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[13]Jon Hilsenrath,“A 91YearOld Who Foresaw Selloff is ‘Dubious’ of StockMarket Rally,” Wall Street Journal,July 25,2002.
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第9章
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[1]Euronews,“Spain’s Unforgiving Eviction Law,” December 11,2012; Suzanne Daley,“In Spain,Homes Are Taken but Debt Stays,” New York Times,October 27,2010.
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[2]Gabriele Steinhauser and Matthew Dalton,“Lingering Bad Debts Stifl e Europe Recovery,” Wall Street Journal,January 31,2013.
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1703431071
[3]Daley,“In Spain,Homes.”
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[4]Matt Moff ett and Christopher Bjork,“Wave of Evictions Spurs Sympathy in Spain,” Wall Street Journal,December 11,2012.
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1703431075
[5]Ilan Brat and Gabrielle Steinhauser,“EU Court Rules against Spanish Mortgage Laws,” Wall Street Journal,March 14,2013.
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1703431077
[6]Wall Street Journal,“Spanish Mortgage Misery,” March 21,2013.
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1703431079
[7]Sharon Smyth and Angeline Benoit,“PP Aims to Change Spanish Mortgage Law within Two Months,” Bloomberg,March 27,2013.
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[8]Daley,“In Spain,Homes.”
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[9]Raphael Minder,“Bailout in Spain Leaves Taxpayers Liable for Cost,” New York Times,June 12,2012.
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1703431085
[10]“Robert Reich,” Daily Show with Jon Stewart,Comedy Central,October 16,2008.
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1703431087
[11]Stephen G.Cecchetti,“Crisis and Responses
:The Federal Reserve in the Early Stages of the Financial Crisis,” Journal of Economic Perspectives 23,no.1 (2009).
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1703431089
[12]Pietro Veronesi and Luigi Zingales,“Paulson’s Gift ,” Journal of Financial Economics 97 (2010)
:339-68.
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1703431091
[13]Bryan Kelly,Hanno Lustig,and Stijn Van Nieuwerburgh,“TooSystemictoFail
:What Option Markets Imply about SectorWide Government Guarantees” (FamaMiller working paper,University of Chicago Booth School of Business,March 21,2012).
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[14]George W.Bush,“Address to the Nation on the Financial Crisis” (speech,Washington,DC,September 24,2008),New York Times,http://www.nytimes.com/2008/09/24/business/economy/24textbush.html?pagewanted=all&_r=0.
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[15]Ben Bernanke,“Nonmonetary Effects of the Financial Crisis in the Propagation of the Great Depression,” American Economic Review 73 (1983)
:257-76.
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1703431097
[16]NFIB调查由首席经济学家William Dunkelberg领衔,可以从下列地址获得相关信息: http://www.nfi b.com/researchfoundation/surveys/smallbusinesseconomictrends。
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[17]Atif Mian and Amir Sufi ,“Aggregate Demand and StateLevel Employment,”Federal Reserve Bank of San Francisco Economic Letter 2013-04,February 11,2013.
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