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Haircuts


Andrew Metrick


Yale School of Management; National Bureau of Economic Research (NBER)

Gary B. Gorton


Yale School of Management; National Bureau of Economic Research (NBER)
May 12, 2010

Yale ICF Working Paper No. 09-15

Abstract:     
When 'confidence' is lost, 'liquidity dries up.' We investigate the meaning of 'confidence' and 'liquidity' in the context of the current financial crisis. The financial crisis is a manifestation of an age-old problem with private money creation, banking panics. We explain this and provide some evidence with respect to the current crisis.

Number of Pages in PDF File: 18

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Date posted: August 11, 2009 ; Last revised: May 17, 2010

Suggested Citation

Metrick, Andrew and Gorton, Gary B., Haircuts (May 12, 2010). Yale ICF Working Paper No. 09-15. Available at SSRN: http://ssrn.com/abstract=1447438 or http://dx.doi.org/10.2139/ssrn.1447438

Contact Information

Andrew Metrick
Yale School of Management ( email )
135 Prospect Street
P.O. Box 208200
New Haven, CT 06520-8200
United States
(203)-432-3069 (Phone)
HOME PAGE: http://mba.yale.edu/faculty/profiles/metrick.shtml

National Bureau of Economic Research (NBER) ( email )
1050 Massachusetts Avenue
Cambridge, MA 02138
United States
Gary B. Gorton (Contact Author)
Yale School of Management ( email )
135 Prospect Street
P.O. Box 208200
New Haven, CT 06520-8200
United States
203 432-8931 (Fax)
HOME PAGE: http://mba.yale.edu/faculty/profiles/gorton.shtml
National Bureau of Economic Research (NBER)
1050 Massachusetts Avenue
Cambridge, MA 02138
United States
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