8  Aoki, K., and K. Nikolov, 2012, Bubbles, banks, and financial stability, ECB Working Paper 1495; Boissay, F., Collard, F., and F. Smets, 2013, Booms and systemic banking crises, ECB mimeo; Clerc, L., Derviz, A., Mendicino, C., Moyen, S., Nikolov, K., Stracca, L., Suarez, J., and A. Vardoulakis, 2013, Macroeconomic model with three layers of default, ECB mimeo; Goodhart, C., Kashyap, A., Tsomocos, D., and A. Vardoulakis, 2012, Financial regulation in general equilibrium, NBER Working Paper 17909.
9  See, e.g., Brunnermeier, M., and Y. Sannikov, 2010, A macroeconomic model with a financial sector, Princeton University working paper; and He, Z., and A. Krishnamurthy, 2010, A model of capital crises, Northwestern University working paper. 8  BIS central bankers’ speeches  Conclusions Let me now conclude.