John Geanakoplos

Learn More
Since the 1990s, emerging markets have become increasingly integrated into global financial markets, becoming an asset class. Contrary to what was widely predicted by policymakers and economic theorists, however, these changes have not translated into better consumption smoothing opportunities for emerging economies. Their access to international markets(More)
Your use of the JSTOR archive indicates your acceptance of JSTOR's Terms and Conditions of Use, available at http://www.jstor.org/page/info/about/policies/terms.jsp. JSTOR's Terms and Conditions of Use provides, in part, that unless you have obtained prior permission, you may not download an entire issue of a journal or multiple copies of articles, and you(More)
Your use of the JSTOR archive indicates your acceptance of JSTOR's Terms and Conditions of Use, available at . http://www.jstor.org/page/info/about/policies/terms.jsp. JSTOR's Terms and Conditions of Use provides, in part, that unless you have obtained prior permission, you may not download an entire issue of a journal or multiple copies of articles, and(More)
At least since the time of Irving Fisher, economists, as well as the general public, have regarded the interest rate as the most important variable in the economy. But in times of crisis, collateral rates (equivalently margins or leverage) are far more important. Despite the cries of newspapers to lower the interest rates, the Federal Reserve (Fed) would(More)