Challenges in Identifying and Measuring Systemic Risk

Lars Peter Hansen

NBER Working Paper No. 18505
Issued in November 2012, Revised in December 2012

---- Acknowledgments ----

I benefitted from helpful suggestions by Amy Boonstra, Gary Becker, Mark Brickell, John Heaton, Jim Heckman, Arvind Krishnamurthy, Monika Piazzesi, Toni Shears, Stephen Stigler and especially Markus Brunnermeier, Andy Lo, Tom Sargent and Grace Tsiang in writing this chapter. The views expressed herein are those of the author and do not necessarily reflect the views of the National Bureau of Economic Research.

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