Santa Fe Institute

SFI Working Paper Abstract

Title: The Leverage Cycle
Author(s): John Geanakoplos
Files: [pdf]
Paper #: 09-08-032
Date: Aug. 1, 2009
Abstract: Equilibrium determines leverage, not just interest rates. Variations in leverage cause fluctuations in asset prices. This leverage cycle can be damaging to the economy, and should be regulated.
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