September 2017 issue contents
Policies for Crises Prevention and Management

by Arvind Krishnamurthy
Stanford University, Graduate School of Business and National Bureau of Economic Research


I discuss the role of debt in financial crises and macroprudential tools to manage debt. A principal conclusion is that changes in mortgage contract designs, an ex ante measure aimed at the household sector, can deliver significant welfare benefits.

JEL Codes: G01, G21, G28, E44, E58.

Full article (PDF, 9 pages, 486 kb)