Alp Simsek

Massachusetts Institute of Technology (MIT) - Department of Economics

Associate Professor of Economics

50 Memorial Drive E52-552

The Morris and Sophie Chang Building

Cambridge, MA 02142

United States

http://https://economics.mit.edu/faculty/asimsek

National Bureau of Economic Research (NBER)

Faculty Research Fellow

1050 Massachusetts Avenue

Cambridge, MA 02138

United States

http://https://economics.mit.edu/faculty/asimsek

Centre for Economic Policy Research (CEPR)

London

United Kingdom

  • Massachusetts Institute of Technology (MIT) - Department of Economics

  • National Bureau of Economic Research (NBER)

  • Centre for Economic Policy Research (CEPR)

SCHOLARLY PAPERS

19

DOWNLOADS

3,533

SSRN CITATIONS

455

CROSSREF CITATIONS

314

Scholarly Papers (19)

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1.

Complexity and Financial Panics

Downloads 1,004 ( 25,305)
Citation 3

Complexity and Financial Panics

MIT Department of Economics Working Paper No. 09-17
Number of pages: 37 Posted: 05 Jun 2009 Last Revised: 13 Dec 2016
Ricardo J. Caballero and Alp Simsek
Massachusetts Institute of Technology (MIT) - Department of Economics and Massachusetts Institute of Technology (MIT) - Department of Economics
Downloads 910 (28,704)
Citation 3

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Financial network, complexity, uncertainty, flight to quality, cascades,crises, information cost, financial panic, credit crunch

Complexity and Financial Panics

NBER Working Paper No. w14997
Number of pages: 37 Posted: 26 May 2009 Last Revised: 25 Jun 2010
Ricardo J. Caballero and Alp Simsek
Massachusetts Institute of Technology (MIT) - Department of Economics and Massachusetts Institute of Technology (MIT) - Department of Economics
Downloads 94 (316,697)

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2.

Should Retail Investors' Leverage Be Limited?

Downloads 527 ( 60,342)
Citation 7

Should Retail Investors' Leverage Be Limited?

Journal of Financial Economics (JFE), Forthcoming
Number of pages: 63 Posted: 23 Sep 2012 Last Revised: 02 Apr 2018
Rawley Heimer and Alp Simsek
Boston College - Department of Finance and Massachusetts Institute of Technology (MIT) - Department of Economics
Downloads 507 (62,687)

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Leverage Constraints, Retail Trading, Speculation, Brokerage Sector, Bid-Ask Spreads, Welfare Criterion

Should Retail Investors' Leverage Be Limited?

NBER Working Paper No. w24176
Number of pages: 58 Posted: 03 Jan 2018
Rawley Heimer and Alp Simsek
Boston College - Department of Finance and Massachusetts Institute of Technology (MIT) - Department of Economics
Downloads 20 (611,423)
Citation 6

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3.

A Model of Endogenous Risk Intolerance and LSAPs: Asset Prices and Aggregate Demand in a 'COVID-19' Shock

Number of pages: 60 Posted: 16 Apr 2020 Last Revised: 14 Jan 2021
Ricardo J. Caballero and Alp Simsek
Massachusetts Institute of Technology (MIT) - Department of Economics and Massachusetts Institute of Technology (MIT) - Department of Economics
Downloads 451 (73,206)
Citation 15

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Risk intolerance, leverage, asset price spirals, aggregate supply and demand, recessions, conventional and unconventional monetary policy, multiple equilibria, LSAPs, asset demand (in)elasticity, COVID-19

4.

A Risk-Centric Model of Demand Recessions and Speculation

Downloads 242 (145,344)
Citation 25

A Risk-Centric Model of Demand Recessions and Speculation

MIT Department of Economics Working Paper No. 17-07
Number of pages: 114 Posted: 25 Jul 2017 Last Revised: 12 Feb 2020
Ricardo J. Caballero and Alp Simsek
Massachusetts Institute of Technology (MIT) - Department of Economics and Massachusetts Institute of Technology (MIT) - Department of Economics
Downloads 151 (222,816)
Citation 7

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risk premium shocks, asset prices, aggregate demand, interest rate rigidity, booms and recessions, heterogeneous beliefs, speculation, monetary and macroprudential policy, the Fed put

A Risk-Centric Model of Demand Recessions and Macroprudential Policy

BIS Working Paper No. 733
Number of pages: 64 Posted: 16 Jul 2018
Ricardo J. Caballero and Alp Simsek
Massachusetts Institute of Technology (MIT) - Department of Economics and Massachusetts Institute of Technology (MIT) - Department of Economics
Downloads 73 (369,837)
Citation 1

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Risk premium shocks, asset prices, aggregate demand, interest rate rigidity booms and recessions, heterogeneous beliefs, speculation, monetary and macroprudential policy

A Risk-Centric Model of Demand Recessions and Speculation

NBER Working Paper No. w23614
Number of pages: 115 Posted: 25 Jul 2017
Ricardo J. Caballero and Alp Simsek
Massachusetts Institute of Technology (MIT) - Department of Economics and Massachusetts Institute of Technology (MIT) - Department of Economics
Downloads 17 (633,425)

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A Risk-Centric Model of Demand Recessions and Speculation

CEPR Discussion Paper No. DP13815
Number of pages: 118 Posted: 30 Jul 2019 Last Revised: 02 Mar 2020
Ricardo J. Caballero and Alp Simsek
Massachusetts Institute of Technology (MIT) - Department of Economics and Massachusetts Institute of Technology (MIT) - Department of Economics
Downloads 1 (770,864)
Citation 20
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aggregate demand, asset prices, belief disagreements, booms and recessions, extrapolation, interest rate rigidity, monetary and macroprudential policy, Speculation, Time-varying risk premium, Uncertainty shocks

5.

Fire Sales in a Model of Complexity

Downloads 222 (157,868)
Citation 55

Fire Sales in a Model of Complexity

MIT Department of Economics Working Paper No. 09-28
Number of pages: 43 Posted: 31 Oct 2009 Last Revised: 06 Apr 2011
Ricardo J. Caballero and Alp Simsek
Massachusetts Institute of Technology (MIT) - Department of Economics and Massachusetts Institute of Technology (MIT) - Department of Economics
Downloads 195 (178,238)
Citation 58

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Fire sales, uncertainty, complexity, financial network, cascades, market freezes, crises, financial panic, credit crunch, externality

Fire Sales in a Model of Complexity

NBER Working Paper No. w15479
Number of pages: 35 Posted: 09 Nov 2009 Last Revised: 12 Nov 2009
Ricardo J. Caballero and Alp Simsek
Massachusetts Institute of Technology (MIT) - Department of Economics and Massachusetts Institute of Technology (MIT) - Department of Economics
Downloads 27 (562,763)

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6.

A Welfare Criterion for Models with Distorted Beliefs

Downloads 202 (172,628)
Citation 65

A Welfare Criterion for Models with Distorted Beliefs

Number of pages: 48 Posted: 15 Mar 2012
Markus K. Brunnermeier, Alp Simsek and Wei Xiong
Princeton University - Department of Economics, Massachusetts Institute of Technology (MIT) - Department of Economics and Princeton University - Department of Economics
Downloads 172 (199,290)
Citation 5

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A Welfare Criterion for Models with Distorted Beliefs

NBER Working Paper No. w20691
Number of pages: 55 Posted: 24 Nov 2014
Markus K. Brunnermeier, Alp Simsek and Wei Xiong
Princeton University - Department of Economics, Massachusetts Institute of Technology (MIT) - Department of Economics and Princeton University - Department of Economics
Downloads 30 (544,133)
Citation 13

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7.

Moral Hazard and Efficiency in General Equilibrium with Anonymous Trading

Downloads 175 (196,260)
Citation 9

Moral Hazard and Efficiency in General Equilibrium with Anonymous Trading

MIT Department of Economics Working Paper No. 10-8
Number of pages: 53 Posted: 02 May 2010 Last Revised: 25 May 2010
Daron Acemoglu and Alp Simsek
Massachusetts Institute of Technology (MIT) - Department of Economics and Massachusetts Institute of Technology (MIT) - Department of Economics
Downloads 172 (199,290)
Citation 10

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competitive equilibrium, double deviations, efficiency, general equilibrium theory, monitoring partition, moral hazard

Moral Hazard and Efficiency in General Equilibrium with Anonymous Trading

CEPR Discussion Paper No. DP7821
Number of pages: 55 Posted: 19 May 2010
Daron Acemoglu and Alp Simsek
Massachusetts Institute of Technology (MIT) - Department of Economics and Massachusetts Institute of Technology (MIT) - Department of Economics
Downloads 3 (745,116)
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competetive equilibrium, double deviations, efficiency, general equilibrium theory, monitoring partition, moral hazard

8.

A Model of Fickle Capital Flows and Retrenchment

Downloads 135 (243,304)
Citation 12

A Model of Fickle Capital Flows and Retrenchment

MIT Department of Economics Working Paper No. 16-10
Number of pages: 78 Posted: 12 Nov 2016 Last Revised: 25 Jul 2019
Ricardo J. Caballero and Alp Simsek
Massachusetts Institute of Technology (MIT) - Department of Economics and Massachusetts Institute of Technology (MIT) - Department of Economics
Downloads 121 (265,651)
Citation 4

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gross capital flows, global liquidity, fickleness, retrenchment, asset fire sales, capital controls, policy coordination, scarcity of safe assets, reach-for-safety, reach-for-yield

A Model of Fickle Capital Flows and Retrenchment

NBER Working Paper No. w22751
Number of pages: 79 Posted: 24 Oct 2016
Ricardo J. Caballero and Alp Simsek
Massachusetts Institute of Technology (MIT) - Department of Economics and Massachusetts Institute of Technology (MIT) - Department of Economics
Downloads 13 (664,260)

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A Model of Fickle Capital Flows and Retrenchment

CEPR Discussion Paper No. DP13819
Number of pages: 81 Posted: 30 Jul 2019
Ricardo J. Caballero and Alp Simsek
Massachusetts Institute of Technology (MIT) - Department of Economics and Massachusetts Institute of Technology (MIT) - Department of Economics
Downloads 1 (770,864)
Citation 9
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asset fire sales, capital controls, fickleness, Global liquidity, Gross capital flows, Policy Coordination, reach-for-safety, reach-for-yield, retrenchment, scarcity of safe assets

9.

Liquidity Trap and Excessive Leverage

Downloads 107 (288,500)
Citation 113

Liquidity Trap and Excessive Leverage

IMF Working Paper No. 14/129
Number of pages: 50 Posted: 14 Aug 2014
Anton Korinek and Alp Simsek
University of Virginia - Department of Economics and Darden School of Business and Massachusetts Institute of Technology (MIT) - Department of Economics
Downloads 94 (316,697)
Citation 2

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Macroprudential Policy, Monetary policy, Liquidity, Demand, Borrowing, Debt markets, Economic recession, Equilibrium. Econometric models, Leverage, liquidity trap, zero lower bound, aggregate demand externality, efficiency, macroprudential policy, insurance, aggregate demand, inflation, real interest rate, contractionary monetary policy, inflation target, nominal interest rate, monetary policies, real interest rates, optimal monetary policy, aggregate demand effects, monetary fund, nominal interest rates, nominal variables, steady-state inflation, inflation dynamics, financial stability, central bank, inflation targeting

Liquidity Trap and Excessive Leverage

NBER Working Paper No. w19970
Number of pages: 46 Posted: 20 Mar 2014
Anton Korinek and Alp Simsek
University of Virginia - Department of Economics and Darden School of Business and Massachusetts Institute of Technology (MIT) - Department of Economics
Downloads 13 (664,260)
Citation 52

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10.

Monetary Policy and Asset Price Overshooting: A Rationale for the Wall/Main Street Disconnect

Downloads 103 (296,116)
Citation 1

Monetary Policy and Asset Price Overshooting: A Rationale for the Wall/Main Street Disconnect

Number of pages: 37 Posted: 13 Aug 2020
Ricardo J. Caballero and Alp Simsek
Massachusetts Institute of Technology (MIT) - Department of Economics and Massachusetts Institute of Technology (MIT) - Department of Economics
Downloads 65 (394,365)

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Monetary policy, output gap, asset prices, overshooting, Wall/Main Street disconnect, COVID-19

Monetary Policy and Asset Price Overshooting: A Rationale for the Wall/Main Street Disconnect

NBER Working Paper No. w27712
Number of pages: 38 Posted: 25 Aug 2020
Ricardo J. Caballero and Alp Simsek
Massachusetts Institute of Technology (MIT) - Department of Economics and Massachusetts Institute of Technology (MIT) - Department of Economics
Downloads 37 (506,292)

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Monetary Policy and Asset Price Overshooting: A Rationale for the Wall/Main Street Disconnect

CEPR Discussion Paper No. DP15163
Number of pages: 40 Posted: 18 Aug 2020
Ricardo J. Caballero and Alp Simsek
Massachusetts Institute of Technology (MIT) - Department of Economics and Massachusetts Institute of Technology (MIT) - Department of Economics
Downloads 1 (770,864)
Citation 1
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asset prices, COVID-19, monetary policy, Output gap, Overshooting, Wall/Main Street disconnect

11.

Prudential Monetary Policy

Downloads 93 (316,441)
Citation 3

Prudential Monetary Policy

Number of pages: 58 Posted: 02 Jun 2019 Last Revised: 24 Apr 2020
Ricardo J. Caballero and Alp Simsek
Massachusetts Institute of Technology (MIT) - Department of Economics and Massachusetts Institute of Technology (MIT) - Department of Economics
Downloads 83 (342,752)

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Speculation, leverage, aggregate demand, business cycle, effective lower bound, monetary policy, regulation, macroprudential policies, leaning against the wind

Prudential Monetary Policy

NBER Working Paper No. w25977
Number of pages: 59 Posted: 26 Jun 2019
Ricardo J. Caballero and Alp Simsek
Massachusetts Institute of Technology (MIT) - Department of Economics and Massachusetts Institute of Technology (MIT) - Department of Economics
Downloads 10 (687,811)
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Prudential Monetary Policy

CEPR Discussion Paper No. DP13832
Number of pages: 61 Posted: 30 Jul 2019 Last Revised: 24 Mar 2020
Ricardo J. Caballero and Alp Simsek
Massachusetts Institute of Technology (MIT) - Department of Economics and Massachusetts Institute of Technology (MIT) - Department of Economics
Downloads 0
Citation 2
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aggregate demand, Business cycle, effective lower bound, leaning against the wind, leverage, macroprudential policies, monetary policy, regulation, Shadow banks, Speculation

12.

Monetary Policy with Opinionated Markets

Downloads 61 (402,013)

Monetary Policy with Opinionated Markets

Number of pages: 64 Posted: 22 Jun 2020 Last Revised: 10 Dec 2020
Ricardo J. Caballero and Alp Simsek
Massachusetts Institute of Technology (MIT) - Department of Economics and Massachusetts Institute of Technology (MIT) - Department of Economics
Downloads 58 (418,237)

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Monetary policy and shocks, aggregate demand shocks, the Fed's dot plot, the term structure of interest rates, forward curve, confident disagreement, belief shocks, taper tantrum, communication, gradualism

Monetary Policy with Opinionated Markets

NBER Working Paper No. w27313
Number of pages: 51 Posted: 09 Jun 2020
Ricardo J. Caballero and Alp Simsek
Massachusetts Institute of Technology (MIT) - Department of Economics and Massachusetts Institute of Technology (MIT) - Department of Economics
Downloads 3 (745,116)
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Monetary Policy with Opinionated Markets

CEPR Discussion Paper No. DP14830
Number of pages: 67 Posted: 03 Jun 2020
Ricardo J. Caballero and Alp Simsek
Massachusetts Institute of Technology (MIT) - Department of Economics and Massachusetts Institute of Technology (MIT) - Department of Economics
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13.

Reach for Yield and Fickle Capital Flows

Downloads 57 (415,512)
Citation 2

Reach for Yield and Fickle Capital Flows

MIT Department of Economics Working Paper No. 18-03
Number of pages: 14 Posted: 09 Mar 2018
Ricardo J. Caballero and Alp Simsek
Massachusetts Institute of Technology (MIT) - Department of Economics and Massachusetts Institute of Technology (MIT) - Department of Economics
Downloads 53 (436,649)

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Reach for Yield and Fickle Capital Flows

NBER Working Paper No. w24400
Number of pages: 13 Posted: 12 Mar 2018
Ricardo J. Caballero and Alp Simsek
Massachusetts Institute of Technology (MIT) - Department of Economics and Massachusetts Institute of Technology (MIT) - Department of Economics
Downloads 4 (735,994)
Citation 2

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14.

Stock Market Wealth and the Real Economy: A Local Labor Market Approach

Downloads 43 (472,920)
Citation 8

Stock Market Wealth and the Real Economy: A Local Labor Market Approach

Number of pages: 109 Posted: 24 Jun 2019 Last Revised: 13 Feb 2020
Gabriel Chodorow-Reich, Plamen Nenov and Alp Simsek
Harvard University Department of Economics, BI Norwegian Business School and Massachusetts Institute of Technology (MIT) - Department of Economics
Downloads 31 (538,328)

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stock prices, consumption wealth effect, marginal propensity to consume, employment, wages, regional heterogeneity, time-varying risk premium, nominal rigidities, monetary policy

Stock Market Wealth and the Real Economy: A Local Labor Market Approach

NBER Working Paper No. w25959
Number of pages: 55 Posted: 17 Jun 2019
Gabriel Chodorow-Reich, Plamen Nenov and Alp Simsek
Harvard University Department of Economics, BI Norwegian Business School and Massachusetts Institute of Technology (MIT) - Department of Economics
Downloads 12 (672,198)
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Stock Market Wealth and the Real Economy: A Local Labor Market Approach

CEPR Discussion Paper No. DP13856
Number of pages: 112 Posted: 30 Jul 2019 Last Revised: 02 Mar 2020
Gabriel Chodorow-Reich, Plamen Nenov and Alp Simsek
Harvard University Department of Economics, BI Norwegian Business School and Massachusetts Institute of Technology (MIT) - Department of Economics
Downloads 0
Citation 7
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consumption wealth effect, employment, marginal propensity to consume, monetary policy, nominal rigidities, regional heterogeneity, Stock Prices, Time-varying risk premium, wages

15.

The Choice Channel of Financial Innovation

Downloads 33 (514,518)
Citation 4

The Choice Channel of Financial Innovation

NBER Working Paper No. w21686
Number of pages: 78 Posted: 02 Nov 2015
Felipe Iachan, Plamen Nenov and Alp Simsek
FGV, BI Norwegian Business School and Massachusetts Institute of Technology (MIT) - Department of Economics
Downloads 18 (626,124)

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The Choice Channel of Financial Innovation

Number of pages: 77 Posted: 07 Feb 2020
Felipe Iachan, Plamen Nenov and Alp Simsek
FGV, BI Norwegian Business School and Massachusetts Institute of Technology (MIT) - Department of Economics
Downloads 13 (664,260)

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Belief Disagreements, Speculation, Financial Innovation, Savings, Interest Rate, Risk Premium, Customization, Stock Market Participation

The Choice Channel of Financial Innovation

CEPR Discussion Paper No. DP14361
Number of pages: 80 Posted: 11 Feb 2020
Felipe Iachan, Plamen Nenov and Alp Simsek
FGV, BI Norwegian Business School and Massachusetts Institute of Technology (MIT) - Department of Economics
Downloads 2 (756,555)
Citation 1
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belief disagreements, Customization, financial innovation, interest rate, Risk premium, Savings, Speculation, Stock Market Participation

16.

A Model of Endogenous Risk Intolerance and Lsaps: Asset Prices and Aggregate Demand in a “Covid-19” Shock

Downloads 29 (535,636)
Citation 2

A Model of Endogenous Risk Intolerance and Lsaps: Asset Prices and Aggregate Demand in a “Covid-19” Shock

NBER Working Paper No. w27044
Number of pages: 61 Posted: 28 Apr 2020 Last Revised: 05 May 2020
Ricardo J. Caballero and Alp Simsek
Massachusetts Institute of Technology (MIT) - Department of Economics and Massachusetts Institute of Technology (MIT) - Department of Economics
Downloads 29 (550,147)

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Asset Prices and Aggregate Demand in a "Covid-19" Shock: A Model of Endogenous Risk Intolerance and Lsaps

CEPR Discussion Paper No. DP14627
Number of pages: 39 Posted: 08 May 2020 Last Revised: 16 Aug 2020
Ricardo J. Caballero and Alp Simsek
Massachusetts Institute of Technology (MIT) - Department of Economics and Massachusetts Institute of Technology (MIT) - Department of Economics
Downloads 0
Citation 2
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aggregate supply and demand, asset price spirals, conventional and unconventional monetary policy, COVID-19, leverage, LSAPs, multiple equilibria, risk intolerance, Risk-off, the Fed put

17.

Speculation and Risk Sharing with New Financial Assets

NBER Working Paper No. w17506
Number of pages: 49 Posted: 14 Oct 2011
Alp Simsek
Massachusetts Institute of Technology (MIT) - Department of Economics
Downloads 27 (547,128)
Citation 13

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18.

Investment Hangover and the Great Recession

NBER Working Paper No. w20569
Number of pages: 48 Posted: 14 Oct 2014
Matthew Rognlie, Andrei Shleifer and Alp Simsek
Massachusetts Institute of Technology (MIT) - Department of Economics, Harvard University - Department of Economics and Massachusetts Institute of Technology (MIT) - Department of Economics
Downloads 15 (625,053)
Citation 10

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19.

Durability, Deadline, and Election Effects in Bargaining

NBER Working Paper No. w22284
Number of pages: 58 Posted: 01 Jun 2016
Alp Simsek and Muhamet Yildiz
Massachusetts Institute of Technology (MIT) - Department of Economics and Massachusetts Institute of Technology (MIT) - Department of Economics
Downloads 7 (682,833)

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