is given to the source. Macroprudential Regulation Versus Mopping Up After the Crash

CEU and Konstanz for helpful comments and discussions. We especially thank Iván Werning for detailed written comments on an earlier version of this paper. We acknowledge excellent research assistance provided by Jonathan Kreamer and Elif Ture. The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research. NBER working papers are circulated for discussion and comment purposes. They have not been peer-reviewed or been subject to the review by the NBER Board of Directors that accompanies official NBER publications