Brookings Papers on Economic Activity, Fall 2008

"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' SummaryFinancial Crash, Commodity Prices, and Global Imbalances, By Ricardo J. Caballero, Emmanuel Farhi, and Pierre-Olivier GourinchasMaking Sense of the Subprime Crisis, By Kristopher Gerardi, Andreas Lehnert, Shane M. Sherlund, and Paul WillenThe Central Role of Home Prices in the Current Financial Crisis: How Will the Market Clear? By Karl E. CaseBeyond Leveraged Losses: The Balance Sheet Effects of the Home Price Downturn, By Jan HatziusFinancial Regulation in a System Context, By Stephen Morris and Hyun Song ShinThe Unofficial Economy and Economic Development, By Rafael La Porta and Andrei ShleiferThe Real Exchange Rate and Economic Growth, By Dani Rodrik