Both the authors are from MIT and NBER. We thank Jeff Campbell, John Geanakoplos, Campbell Harvey, David Laibson, Fred Malherbe, Juan Ocampo, Katerina Smidkova, Fernando Vega-Redondo, Adam Zawadowski, an anonymous referee, and an Associate Editor for valuable comments. We also thank the seminar participants at Bilkent University, Boston College, The Federal Reserve Bank of Boston, Boston University, Harvard University, MIT, Middle East Technical University, New York University, the University of Chicago, the University of Michigan; conference participants at the AEA meetings, Brown University, CIED-Tel Aviv University, Columbia University, ECB, IRFMP, MFI, MNB-CEPR, PSU-Cornell, SAET, SED for their comments; and the NSF for financial support. This paper covers and extends the substantive issues in (and hence, replaces) “Complexity and Financial Panics,” NBER WP #14997.
Fire Sales in a Model of Complexity
Article first published online: 12 NOV 2013
© 2013 the American Finance Association
The Journal of Finance
Volume 68, Issue 6, pages 2549–2587, December 2013
How to Cite
CABALLERO, R. J. and SIMSEK, A. (2013), Fire Sales in a Model of Complexity. The Journal of Finance, 68: 2549–2587. doi: 10.1111/jofi.12087
- Issue published online: 12 NOV 2013
- Article first published online: 12 NOV 2013
- Accepted manuscript online: 12 AUG 2013 08:00AM EST
- Manuscript Accepted: 15 MAY 2013
- Manuscript Received: 2 APR 2011
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