CHAPTER 15: THE MIGRATION AND MORPHING OF FINANCIAL RISKS
1. See, for example, the December 9 press release by the Board of Governors of the Federal Reserve System, http://www.federalreserve.gov/newsevents/press/bcreg/20141209a.htm.
2. Greg Ip, “Post-Crisis Risk Casts a Darkening Shadow,” Wall Street Journal, April 8, 2015, http://www.wsj.com/articles/post-crisis-risk-casts-a-darkening-shadow-1428499827.
3. Brad Jones, “Asset Bubbles: Rethinking Policy for the Age of Asset Management,” IMF Working Paper, February 2015, http://www.imf.org/external/pubs/ft/wp/2015/wp1527.pdf.
4. Jaime Caruana, “Macro-Prudential Policies: Opportunities and Challenges,” speech to the Tenth High-Level Meeting for the Middle East and North Africa, Bank for International Settlements, December 9, 2014, http://www.bis.org/speeches/sp141219.pdf.
5. Banque de France, “Macroprudential Policies: Implementation and Interactions,” Financial Stability Review, April 2014.
6. Mohamed A. El-Erian, “3 Steps to Remove Financial System Risk,” Harvard Business School, August 15, 2007, http://hbswk.hbs.edu/item/5745.html.
7. Mohamed A. El-Erian, “Creative Self-Disruption,” Project Syndicate, April 7, 2015, https://www.project-syndicate.org/commentary/consumer-sharing-economy-adaptation-by-mohamed-a--el-erian-2015-04.
8. Steve Lohr, “Banking Start-ups Adopt New Tools for Lending,” New York Times, January 19, 2015, http://www.nytimes.com/2015/01/19/technology/banking-start-ups-adopt-new-tools-for-lending.html.
9. For full disclosure, I have been recently involved in one of these efforts—“Payoff”—as an investor and board member of a start-up seeking to improve the financial services offered to households and small businesses.
CHAPTER 16: THE LIQUIDITY DELUSION
1. Tracy Alloway and Michael MacKenzie, “Anatomy of a Market Meltdown,” Financial Times, November 18, 2014, http://www.ft.com/cms/s/0/cac64efe-6b34-11e4-ae52-00144feabdc0.html.
2. Jamie Dimon, “Annual Letter to Shareholders,” JPMorgan Chase, April 2015, http://files.shareholder.com/downloads/ONE/15660259x0x820077/8af78e45-1d81-4363-931c-439d04312ebc/JPMC-AR2014-LetterToShare holders.pdf.
3. William Finkbarr Flynn and Takako Taniguchi, “Prudential Chief Echoes Dimon Saying Liquidity Is Top Worry,” Bloomberg News, April 13, 2015, http://www.bloomberg.com/news/articles/2015-04-14/prudential-chief-says-biggest-worry-is-liquidity-echoing-dimon.
4. Mohamed A. El-Erian, “The Market ‘Sucking Sounds’ Are Getting Louder as Four Forces Come Together,” Business Insider, June 11, 2013, http://www.businessinsider.com/el-erian-on-the-liquidity-gap-2013-6.
5. Mohamed A. El-Erian, “Is the Market Confident or Too Complacent?,” Bloomberg View, June 9, 2014, http://www.bloombergview.com/articles/2014-06-09/is-the-market-confident-or-too-complacent.
CHAPTER 17: BRIDGING THE GAP BETWEEN MARKETS AND FUNDAMENTALS
1. Jim Puzzanghera, “Yellen Upbeat About Growth in the Coming Quarter,” Los Angeles Times, May 7, 2014, http://www.latimes.com/business/la-fi-yellen-economy-20140508-story.html.
2. Binyamin Appelbaum, “Q. and A. With Charles Plosser of the Fed: Raise Rates Sooner Rather Than Later,” New York Times, January 30, 2015, http://www.nytimes.com/2015/01/30/upshot/q-and-a-with-charles-plosser-of-the-fed-raise-rates-sooner-rather-than-later.html.
3. Claire Jones, Robin Wigglesworth, and James Politi, “Fed Fights Back Against ‘Feral Hogs,’ ” Financial Times, June 24, 2013, http://www.ft.com/intl/cms/s/0/9d8fa63e-dce6-11e2-b52b-00144feab7de.html.
4. Mohamed A. El-Erian, “Big Money vs Bernanke: Who’s Right About the Economy,” Atlantic, July 3, 2013, http://www.theatlantic.com/business/archive/2013/07/big-money-vs-bernanke-whos-right-about-the-economy/277548/.
5. Joshua Zumbrun, “Fed Hears Warning That Tightening Policy May Spark Market Tumult,” Bloomberg News, February 28, 2014, http://www.bloom berg.com/news/2014-02-28/fed-hears-warning-that-tightening-policy-may-spark-market-tumult.html.
6. Andrew Filardo and Boris Hofmann, “Forward Guidance at the Zero Lower Bound,” BIS Quarterly Review, March 2014, Bank for International Settlements, http://www.bis.org/publ/qtrpdf/r_qt1403f.htm.
7. Robin Harding, “Federal Reserve Dissenter Kocherlakota Attacks New Guidance,” Financial Times, March 21, 2014, http://www.ft.com/intl/cms/s/0/1607d9b8-b105-11e3-bbd4-00144feab7de.html.
8. Mohamed A. El-Erian, “Here’s Why Jeremy Stein’s Departure from the Federal Reserve Matters,” Business Insider, April 5, 2014, http://www.business insider.com/why-jeremy-steins-departure-is-important-2014-4.
9. Jeremy C. Stein, “Challenges to Monetary Policy Communication,” speech to the Money Marketeers of New York University, Board of Governors of the Federal Reserve System, May 6, 2014, http://www.federalreserve.gov/newsevents/speech/stein20140506a.htm. A similar point was made by Hyun Song Shin, “Commentary on Robert E. Hall, ‘The Routes into and out of the Zero Lower Bound,’ ” speech delivered at conference on Global Dimensions of Unconventional Monetary Policy, Federal Reserve Bank of Kansas City, Jackson Hole, Wyoming, August 22–24, 2013.
10. Janet Yellen, “Monetary Policy and Financial Stability,” speech at the 2014 Michel Camdessus Central Banking Lecture, International Monetary Fund, Washington, D.C., July 2, 2014, Board of Governors of the Federal Reserve System, http://www.federalreserve.gov/newsevents/speech/yellen20140702a.htm.
11. Mohamed A. El-Erian, “Yellen Lays Out Her Policy Blueprint,” Bloomberg View, July 7, 2014, http://www.bloombergview.com/articles/2014-07-07/yellen-lays-out-her-policy-blueprint.
