John Geanakoplos
Encyclopedia
John Geanakoplos is the James Tobin Professor of Economics at Yale University
. Before the Late-2000s financial crisis
, he was known primarily for his contributions to General equilibrium theory, particularly Incomplete markets
general equilibrium theory. Geanakoplos and Polemarchakis (1986), for example, establishes key existence and welfare results in a general incomplete markets model.
Since the onset of the crisis, Geanakoplos' work on the relationship between leverage and asset prices, "The Leverage Cycle
," has been prominent in both popular and academic discussions of financial market fluctuations and regulation.
Yale University
Yale University is a private, Ivy League university located in New Haven, Connecticut, United States. Founded in 1701 in the Colony of Connecticut, the university is the third-oldest institution of higher education in the United States...
. Before the Late-2000s financial crisis
Late-2000s financial crisis
The late-2000s financial crisis is considered by many economists to be the worst financial crisis since the Great Depression of the 1930s...
, he was known primarily for his contributions to General equilibrium theory, particularly Incomplete markets
Incomplete markets
In economics, incomplete markets refers to markets in which the number of Arrow–Debreu securities is less than the number of states of nature...
general equilibrium theory. Geanakoplos and Polemarchakis (1986), for example, establishes key existence and welfare results in a general incomplete markets model.
Since the onset of the crisis, Geanakoplos' work on the relationship between leverage and asset prices, "The Leverage Cycle
Leverage cycle
Leverage is defined as the ratio of the asset value to the cash needed to purchase it. The Leverage cycle can be defined as the procyclical expansion and contraction of leverage over the course of the business cycle...
," has been prominent in both popular and academic discussions of financial market fluctuations and regulation.