; ; ; "ActiveFedora::Aggregation::ListSource" . a , ; "Financial Crises as Herds: Overturning the Critiques"; ; "batchuser@example.com"; "Kehoe, Patrick J.", "Chari, V. V."; "Federal Reserve Bank of Minneapolis"; "Information cascades", "Capital flows", "Financial collapse"; "G15 - International Financial Markets", "F40 - Macroeconomic Aspects of International Trade and Finance: General", "F20 - International Factor Movements and International Business: General", "E32 - Business Fluctuations; Cycles", "F32 - Current Account Adjustment; Short-term Capital Movements"; "Financial crises are widely argued to be due to herd behavior. Yet recently developed models of herd behavior have been subjected to two critiques which seem to make them inapplicable to financial crises. Herds disappear from these models if two of their unappealing assumptions are modified: if their zero-one investment decisions are made continuous and if their investors are allowed to trade assets with market-determined prices. However, both critiques are overturned—herds reappear in these models—once another of their unappealing assumptions is modified: if, instead of moving in a prespecified order, investors can move whenever they choose."^^; "2003-04"; "2019-06-21T20:46:08.503384445+00:00"^^; "https://doi.org/10.21034/sr.316"; ; "https://creativecommons.org/licenses/by-nc/4.0/"; "Thu Nov 7 21:50:30 2019"; "https://creativecommons.org/licenses/by-nc/4.0/"; "Research Paper"; "393", "129"; "Staff report (Federal Reserve Bank of Minneapolis. Research Department)"; "316"; "Financial collapse", "Capital flows", "Information cascades"; ; ; ; ; "Federal Reserve Bank of Minneapolis. Research Department"; "Published in: _Journal of Economic Theory_ (Vol. 119, No. 1, November 2004, pp. 128-150) https://doi.org/10.1016/S0022-0531(03)00225-4. "^^; ; "Publication" . ; .