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Working Papers

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Finance

Who Can Tell Which Banks Will Fail?

The authors use the German Crisis of 1931, one of the largest bank runs in financial history, to study how depositors behave in the absence of deposit insurance

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Monetary Economics

Debt as Safe Asset

Markus BrunnermeierSebastian MerkelYuliy Sannikov
Finance

Micro-Evidence From a System-Wide Financial Meltdown: The German Crisis of 1931

Kristian BlickleMarkus BrunnermeierStephan Luck

The Fiscal Theory of the Price Level with a Bubble

Markus BrunnermeierSebastian MerkelYuliy Sannikov

China’s Model of Managing the Financial System

Inverse Selection

Markus BrunnermeierRohit LambaCarlos Segura-Rodriguez

A Safe Asset Perspective for an Integrated Policy Framework

Markus BrunnermeierSebastian MerkelYuliy Sannikov
Monetary Economics

The Digitalization of Money

Markus BrunnermeierHarold JamesJean-Pierre Landau

Blockchain Economics

A Crash Course on the Euro Crisis

Monetary Economics

International Monetary Theory: A Risk Perspective

Markus BrunnermeierYuliy Sannikov

Consumption-led Growth

Markus BrunnermeierPierre-Olivier GourinchasOleg Itskhoki
Finance

The I Theory of Money

Markus BrunnermeierYuliy Sannikov

Risk Topography

Markus BrunnermeierGary GortonArvind Krishnamurthy

Computational Complexity and Information Asymmetry in Financial Products

Sanjeev AroraBoaz BarakMarkus BrunnermeierRong Ge