Brookings Papers on Economic Activity (BPEA) provides academic and business economists, government officials, and members of the financial and business communities with timely research on current economic issues.

Contents:

Editors' Summary

Financial Crash, Commodity Prices, and Global Imbalances, By Ricardo J. Caballero, Emmanuel Farhi, and Pierre-Olivier Gourinchas

Making Sense of the Subprime Crisis, By Kristopher Gerardi, Andreas Lehnert, Shane M. Sherlund, and Paul Willen

The Central Role of Home Prices in the Current Financial Crisis: How Will the Market Clear? By Karl E. Case

Beyond Leveraged Losses: The Balance Sheet Effects of the Home Price Downturn, By Jan Hatzius

Financial Regulation in a System Context, By Stephen Morris and Hyun Song Shin

The Unofficial Economy and Economic Development, By Rafael La Porta and Andrei Shleifer

The Real Exchange Rate and Economic Growth, By Dani Rodrik