NYU Stern

Research

Optimal Interventions in Markets with Adverse Selection,” Thomas Philippon and Vasiliki Skreta (2010), American Economic Review (forthcoming)  

Crisis Resolution and Bank Liquidity,” Viral V. Acharya, Hyun-Song Shin and Tanju Yorulmazer (2010) Review of Financial Studies (forthcoming)

“Two Monetary Tools: Interest Rates and Haircuts,”
Adam Ashcraft, Nicolae Garleanu, and Lasse H. Pedersen (2010), NBER Macroeconomics Annual (forthcoming)

"Creditor rights and corporate risk taking," Viral Acharya, Yakov Amihud and Lubo Litov (2008), Journal of Financial Economics (forthcoming)
 
 
Securitization without Risk Transfer,” Viral V. Acharya, Philipp Schnabl and Gustavo Suarez (2011)

Macroeconomic Implications of Housing Wealth, Housing Finance, and Limited Risk-Sharing in General Equilibrium,” Jack Favilukis, Sydney Ludvigson, and Stijn Van Nieuwerburgh (2011)

Too-Systemic-To-Fail: What Option Markets Imply About Sector-wide Government Guarantees, Bryan Kelly, Hanno Lustig, and Stijn Van Nieuwerburgh (2011)

Imperfect Competition in the Inter-Bank Market for Liquidity as a Rationale for Central Banking,” Viral V. Acharya, Denis Gromb and Tanju Yorulmazer (2011)

“Market Failures and Regulatory Failures: Lessons from Past and Present Crises
,” Viral V. Acharya, Thomas Cooley, Matthew Richardson and Ingo Walter, forthcoming in “Financial Sector Regulation and Reforms in Emerging Markets” edited by Masahiro Kawai and Eswar Prasad. Washington, DC: Brookings Institution Press (2010)

Manufacturing Tail Risk: A Perspective on the Financial Crisis of 2007-09,” Viral V. Acharya, Thomas Cooley, Matthew Richardson and Ingo Walter, Foundations and Trends® in Finance 4:4:247-325 (2010)

Systemic Risk and Deposit Insurance Premiums,” Viral V. Acharya, Joao Santos and Tanju Yorulmazer, Federal Reserve Bank of New York Economic Policy Review16:1:89-99 (2010)

Caught Between Scylla and Charybdis? Regulating Bank Leverage When There is Rent-Seeking and Risk-Shifting,” Viral V. Acharya, Hamid Mehran and Anjan Thakor (2010)

Measuring Systemic Risk,” Viral V. Acharya, Lasse Heje Pedersen, Thomas Philippon and Matthew Richardson (2010)

Counterparty Risk Externality: Centralized versus Over-the-counter Markets,” Viral V. Acharya and Alberto Bisin (2010)

"Money Market Funds: How to Avoid ‘Breaking the Buck’,” Marcin Kacperczyk and Philipp Schnabl. Pp in Real Time Solutions for Financial Reform, eds, Viral Acharya, Thomas Cooley, Matthew Richardson, and Ingo Walter. New Jersey: John Wiley & Sons (2010) 

Intellectual Hazard: How Conceptual Biases in Complex Organizations Contributed to the Crisis of 2008,” Geoffrey P. Miller and Gerald Rosenfeld (2009) "Short Selling,” Menachem Brenner and Marti Subrahmanyam. Pp. 269-275 in Restoring Financial Stability: How to Repair a Failed System, eds. Viral V. Acharya and Matthew Richardson. New York: John Wiley & Sons (2009)
 
Causes of the Financial Crisis,” Viral V. Acharya and Matthew Richardson, Critical Review 21:2–3:195–210 (2009)

A Theory of Systemic Risk and Design of Prudential Bank Regulation,” Viral V. Acharya, Journal of Financial Stability 5:3:224-255(2009)
 
Dividends and Bank Capital in the Financial Crisis of 2007-09,” Viral V. Acharya, Irvind Gujral, Nirupama Kulkarni and Hyun-Song Shin (2009)

The Age of Reason: Financial Decisions over the Life-Cycle and Implications for Regulation,” Sumit Agarwal, John Driscoll, Xavier Gabaix, and David Laibson,  Brookings Papers on Economic Activity 2:51-117 (2009)

“When Everyone Runs for the Exit,”
 Lasse H. Pedersen International Journal of Central Banking 5:177-199 (2009) 

“Market Liquidity and Funding Liquidity,” Markus Brunnermeier and Lasse H. Pedersen, Review of Financial Studies 22:2201-2238 (2009)  

Cash-in-the-Market Pricing and Optimal Resolution of Bank Failures,” Viral V. Acharya and Tanju Yorulmazer, Review of Financial Studies 21:2705-2742 (2008)