Published Academic and Professional Journal Articles

• November 2018 The Role of Housing and Mortgage Markets in the Financial Crisis by Manuel Adelino, Antoinette Schoar, and Felipe Severino in Annual Review of Financial Economics
• November 2018 Financial Crises by Gary Gorton in Annual Review of Financial Economics
• November 2018 Mortgage-Default Research and the Recent Foreclosure Crisis by Christopher Foote and Paul Willen in Annual Review of Financial Economics
• July 2016 Loan Originations and Defaults in the Mortgage Crisis: The Role of the Middle Class by Manuel Adelino, Antoinette Schoar, and Felipe Severino in The Review of Financial Studies
• December 2015 Lending Relationships and the Effect of Bank Distress: Evidence from the 2007-2009 Financial Crisis by Daniel Carvalho, Miguel Ferreira, and Pedro Matos in Journal of Financial and Quantitative Analysis (or here.
• July 2015 - Betting the House by Oscar Jordà, Moritz Schularick & Alan Taylor in Journal of International Economics (or here)
• August 2015 - Anticipating the 2007–2008 Financial Crisis: Who Knew What and When Did They Know it? by Paul Brockman, Biljana Nikolic, and Xuemin Sterling Yan in Journal of Financial and Quantitative Analysis (or here)
• August 2015 Credit, Financial Stability, and the Macroeconomy by Alan Taylor in Annual Review of Economics - (or here)
• August 2015 The Global Financial Crisis and the Values of Professionals in Finance: An Empirical Analysis by André van Hoorn in Journal of Business Ethics (summary)
• Spring 2015 - A Retrospective Look at Rescuing and Restructuring General Motors and Chrysler by Austan Goolsbee and Alan Krueger in Journal of Economic Perspectives
• Spring 2015 - The Rescue of Fannie Mae and Freddie Mac by Scott Frame, Andreas Fuster, Joseph Tracy, and James Vickery in Journal of Economic Perspectives
• Spring 2015 - An Assessment of TARP Assistance to Financial Institutions by Charles Calomiris and Urooj Khan in Journal of Economic Perspectives
• Spring 2015 - AIG in Hindsight by Robert McDonald and Anna Paulson in Journal of Economic Perspectives
• Spring 2015 - Legal, Political, and Institutional Constraints on the Financial Crisis Policy Response by Phillip Swagel in Journal of Economic Perspectives (or here)
• March-April 2015 - The productivity gap: Monetary policy, the subprime boom, and the post-2001 productivity surge by George Selgin, David Beckworth, and Berrak Bahadir in the Journal of Policy Modeling (or here)
• February 2015 The Failure of Models that Predict Failure: Distance, Incentives and Defaults by Ujay Rajan, Amit Seru, and Vikrant Vigg in the Journal of Financial Economics (or here, or here)
• September 2014 - Wall Street and the Housing Bubble by Ing-Haw Cheng, Sahil Raina, and Wei Xiong in American Economic Review (or here)
• May 2014 - The Determinants of Vulnerability to the Global Financial Crisis 2008 to 2009: Credit Growth and Other Sources of Risk by Martin Feldkircher in Journal of International Money and Finance (or here - CFA Summary)
• March 2014 - Liar Loan? Effects of Origination Channel and Information Falsification on Mortgage Delinquency by Wei Jiang, Ashlyn Aiko Nelson, and Edward Vytlacil in the The Review of Economics and Statistics
• June 2013 - The Evolution of a Financial Crisis: Collapse of the Asset-Backed Commercial Paper Market by Daniel Covitz, Nellie Liang, and Gustavo Suarez in the Journal of Finance
• May 2013 - A Nation of Gamblers: Real Estate Speculation and American History by Edward Glaeser in American Economic Review
• April 2013 - Groupthink: Collective Delusions in Organizations and Markets by Roland Benabou in Review of Economic Studies (or here)
• Spring 2013 - The Deeper Causes of the Financial Crisis: Mortgages Alone Cannot Explain It by Mark Adelson in the Journal of Portfolio Management (or here)
• February 2013 - Short-Selling Bans Around the World: Evidence from the 2007–09 Crisis by Alessandro Beber and Marco Pagano in The Journal of Finance (or here)
• January 2013 - A Perspective on the Symptoms and Causes of the Financial Crisis by Ricardo Cabral in the Journal of Banking & Finance (or here)
• Winter 2013 - Competition and Crisis in Mortgage Securitization by Michael Simkovic in Indiana Law Journal (or here)
• December 2012 - This Time is the Same: Using Bank Performance in 1998 to Explain Bank Performance During the Recent Financial Crisis by Rüdiger Fahlenbrach, Robert Prilmeier, and René Stulz in Journal of Finance
• November 2012 - The Seeds of a Crisis: A Theory of Bank Liquidity and Risk Taking over the Business Cycle by Viral Acharya (Survey) and Hassan Naqvi in the Journal of Financial Economics (or here)
• October 2012 - Credit Traps by Effi Benmelech and Nittai Bergman in American Economic Review (or here)
• June 2012 - Market institutions, financial market risks, and the financial crisis by Mark Carey, Anil Kashyap, Raghuram Rajan, and Rene´ Stulz in the Journal of Financial Economics (or here)
• June 2012 - Securitized banking and the run on repo by Gary Gorton and Andrew Metrick in the Journal of Financial Economics (or here)
• June 2012 - Neglected Risks, Financial Innovation, and Financial Fragility by Nicola Gennaioli, Andrei Shleifer, Robert Vishny in the Journal of Financial Economics (or here)
• June 2012 - Arbitrage crashes and the speed of capital by Mark Mitchell and Todd Pulvino in the Journal of Financial Economics (or here)
• June 2012 - The Role of Institutional Investors in Propagating the Crisis of 2007-2008 by Alberto Manconi, Massimo Massa, and Ayako Yasuda in the Journal of Financial Economics (or here)
• June 2012 - Asset commonality, debt maturity and systemic risk by Franklin Allen, Ana Babus, and Elena Carletti in the Journal of Financial Economics (or here)
• June 2012 - Econometric measures of connectedness and systemic risk in the finance and insurance sectors by Monica Billio, Andrew Lo, Mila Getmansky, and Loriana Pelizzon in the Journal of Financial Economics (or here)
• June 2012 "Black Swans" and the Financial Crisis by Terry Marsh and Paul Pfleiderer in Review of Pacific Basin Financial Markets and Policies
• May 2012 - Off the cliff and back? Credit conditions and international trade during the global financial crisis by Davin Chor and Kalina Manova in the Journal of International Economics
• April 2012 - Credit Booms Gone Bust: Monetary Policy, Leverage Cycles, and Financial Crises, 1870-2008 by Moritz Schularick and Alan Taylor in American Economic Review
• April 2012 - Corporate Governance in the 2007–2008 Financial Crisis: Evidence from Financial Institutions Worldwide (at SSRN) by David Erkens, Mingyi Hung, and Pedro Matos in the Journal of Corporate Finance
• March 2012 - Reading about the Financial Crisis: A Twenty-One-Book Review by Andrew Lo in the Journal of Economic Perspectives (or here or here)
• March 2012 - Getting Up to Speed on the Financial Crisis: A One-Weekend-Reader's Guide by Gary Gorton and Andrew Metrick in Journal of Economic Perspectives (or here)
• Winter 2012 - Alchemy Leveraged: The Federal Reserve and Modern Finance by Roger Garrison in The Independent Review
• August 2011 The Corporate Psychopaths Theory of the Global Financial Crisis by Clive Boddy (Survey) in the Journal of Business Ethics
• June 2011 Special Issue: The Academic Analysis of the 2008 Financial Crisis - Review of Financial Studies
• June 2011 - Understanding the Subprime Mortgage Crisis by Yuliya Demyanyk and Otto Van Hemert in Review of Financial Studies (or here)
• June 2011 - Originate-to-Distribute Model and the Subprime Mortgage Crisis by Amiyatosh Purnanandam in Review of Financial Studies
• April 2011 - The Long Slump by Robert Hall in American Economic Review (or here)
• March/April 2011 - The Possible Misdiagnosis of a Crisis by Richard Roll (Survey) in The Financial Analysts Journal
  • May/June 2011 Paul Kaplan Comment
  • May/June 2011 Richard Roll Response
  • July/August 2011 Ben Giele Comment
• Winter 2011 - A Year of Living Dangerously: The Management of the Financial Crisis in 2008 by Vincent Reinhart in the Journal of Economic Perspectives
• Winter 2011 - Over the Cliff: From the Subprime to the Global Financial Crisis by Frederic Mishkin in the Journal of Economic Perspectives
• January 2011 - Bank CEO Incentives and the Credit Crisis by Rüdiger Fahlenbrach and René Stulz in Journal of Financial Economics (or here)
• December 2010 - Sudden Stops, Financial Crises, and Leverage in American Economic Review by Enrique G. Mendoza (or here)
• 2010 - An Autopsy of the U.S. Financial System by Ross Levine (Survey) in the Journal of Financial Economic Policy
• Fall 2010 - Why Does the Economy Fall to Pieces after a Financial Crisis? by Robert Hall in the Journal of Economic Perspectives
• Fall 2010 - The Economic Crisis from a Neoclassical Perspective by Lee Ohanian in the Journal of Economic Perspectives
• Fall 2010 - Macroeconomics after the Crisis: Time to Deal with the Pretense-of-Knowledge Syndrome by Ricardo Caballero in the Journal of Economic Perspectives
• Sept/Oct 2010 - The Risk of Tranches Created from Mortgages by John Hull and Alan White in the Financial Analysts Journal
• July/August 2010 - Black Swan or Black Turkey? by Laurence Siegel (Survey) in the Financial Analysts Journal
• May/June 2010 - Dimensioning the Housing Crisis by Laurie Goodman in the Financial Analysts Journal
• May 2010 - The Great Recession: Lessons from Microeconomic Data in American Economic Review by Atif Mian and Amir Sufi
• Spring 2010 - Risk Management Lessons Worth Remembering from the Credit Crisis of 2007–2009 by Bennett W. Golub and Conan C. Crum in the Journal of Portfolio Management (draft via SSRN).
• Winter 2010 - How Debt Markets Have Malfunctioned in the Crisis by Arvind Krishnamurthy in the Journal of Economic Perspectives
• Winter 2010 - When Safe Proved Risky: Commercial Paper during the Financial Crisis of 2007-2009 by Marcin Kacperczyk and Philipp Schnabl in the Journal of Economic Perspectives
• Winter 2010 - Credit Default Swaps and the Credit Crisis by Rene Stulz in the Journal of Economic Perspectives
• Winter 2010 - Did Fair-Value Accounting Contribute to the Financial Crisis? by Christian Laux and Christian Leuz in the Journal of Economic Perspectives
• February 2010 - Did Securitization Lead to Lax Screening? Evidence from Subprime Loans by Benjamin Keys, Tanmoy Mukherjee, Amit Seru, and Vikrant Vig in the Quarterly Journal of Economics
• January/February 2010 - Is the Recent Financial Crisis Really a “Once-in-a-Century” Event? by Guofu Zhou and Yingzi Zhu in The Financial Analysts Journal
• Winter 2009-2010 - Lessons from the Financial Crisis by John H. Cochrane in REGULATION
• November/December 2009 - Moral Hazard: The Long-Lasting Legacy of Bailouts by William Poole in The Financial Analysts Journal
• October 2009 - Credit Contagion from Counterparty Risk by Philippe Jorion and Gaiyan Zhang in the Journal of Finance
• September/October 2009 - Transparency through Financial Claims with “Fingerprints”: A Mechanism for Preventing Financial Crises by Helmut Gründl and Thomas Post in The Financial Analysts Journal
• 7/13/2009 - Special Issue: Causes of the Financial Crisis in Critical Review
• June 2009 - The Credit Crunch of 2007: What Went Wrong? Why? What Lessons Can Be Learned by John Hull in the Journal of Credit Risk
• May/June 2009 - A Simple Theory of the Financial Crisis; or, Why Fischer Black Still Matters by Tyler Cowen in The Financial Analysts Journal
• May/June 2009 - The Birth of the Swap by Raphael Hodgson in The Financial Analysts Journal
• Spring 2009 - Viewing the Financial Crisis from 20,000 Feet Up by Stephen Figlewski in the Journal of Derivatives(or here)
• March/April 2009 - Tumbling Tower of Babel: Subprime Securitization and the Credit Crisis by Bruce Jacobs in The Financial Analysts Journal
• March/April 2009 - Setting National Priorities: Financial Challenges Facing the Obama Administration by Marc R. Reinganum in The Financial Analysts Journal
• March/April 2009 - When Will Housing Recover? by Eli Beracha and Mark Hirschey in The Financial Analysts Journal
• 2009 Risk Management Lessons from the Credit Crisis by Philippe Jorion in European Financial Management
• Winter 2009 - The Rise in Mortgage Defaults by Christopher Mayer, Karen Pence and Shane Sherlund in the Journal of Economic Perspectives
• Winter 2009 - Crisis and Responses: The Federal Reserve in the Early Stages of the Financial Crisis by Stephen Cecchetti in the Journal of Economic Perspectives
• Winter 2009 - Deciphering the Liquidity and Credit Crunch 2007-2008 by Markus Brunnermeier in the Journal of Economic Perspectives
• Winter 2009 - Reflections on Northern Rock: The Bank Run That Heralded the Global Financial Crisis by Hyun Song Shin in the Journal of Economic Perspectives
• January/February 2009 - Markets in Crisis by John C. Bogle and Rodney N. Sullivan, CFA in The Financial Analysts Journal
• January/February 2009 - Proposals Concerning the Current Financial Crisis by Harry Markowitz in The Financial Analysts Journal
• January/February 2009 - The Second Moment by Don Ezra in The Financial Analysts Journal
• January 2009 - Secret Liens and the Financial Crisis of 2008 by Michael Simkovic in American Bankruptcy Law Journal
• November 2008 - Accounting in and for the Subprime Crisis by Stephen Ryan in The Accounting Review (or here)
• Fall 2008 - The Subprime Credit Crisis of 07 in the Journal of Derivatives by Michel Crouhy, Robert Jarrow, and Stuart Turnbull (or here or here)
• Autumn 2008 - Black swan or fat turkey? by Geoff Booth and Elias Mazzawi in Business Strategy Review.
• July/August 2008 - Systemic Credit Risk: What Is the Market Telling Us? by Vineer Bhansali, Robert Gingrich, and Francis Longstaff (Survey) in The Financial Analysts Journal
• March/April 2008 - Black Monday and Black Swans by John C. Bogle in The Financial Analysts Journal
• Fall 2007 - The Great Subprime Meltdown of 2007 by Thomas Zimmerman in the Journal of Structured Finance
• Summer 2007 - Subprime Mortgage Meltdown: How Did It Happen and How Will It End? by Allan Krinsman in the Journal of Structured Finance (or here)
• October 1997 - The Business Cycle in the American Journal of Economics and Sociology by Fred Foldvary - "the next major bust, 18 years after the 1990 downturn, will be around 2008". (Survey)

Gary Karz, CFA
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