Richmond Fed – Annual Report 2009
The Richmond Federal Reserve's 2009 Annual Report, released on Friday, features an essay on systemic risk entitled "Systemic Risk and the Pursuit of Efficiency."
The author of the paper, Kartik Athreya, a senior economist at the Richmond Fed, considers what economists mean when they use the term "systemic risk" - a term, according to Athreya, that has been employed widely but not always consistently.
Athreya identifies systemic risk with "linkages between market participants that lead to
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