PhD, London School of Economics, also affiliated with its Financial Markets Group. Currently, Edwards S. Sanford Professor of Economics, Faculty Member, Department of Economics and affiliated with the Bendheim Center for Finance and the International Economics Section, Princeton Univ. Research Associate: CEPR, NBER, CESifo. Visiting Scholar, Federal Reserve Bank of New York. Associated Editor: American Economic Review; Journal of European Economic Association; Journal of Finance. Former Member of the Editorial Board: Review of Financial Studies; Journal of Financial Intermediation. Sloan Research Fellow; Fellow, Econometric Society. Recipient of awards: Bernácer Prize; Guggenheim Fellowship. Research focus: financial markets and the macroeconomy with special emphasis on bubbles, liquidity, financial stability and its implication for financial regulation and monetary policy.