reading about the financial crisis -- a 21-book review

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Reading About the Financial Crisis: A 21-Book Review ∗ Andrew W. Lo † This Draft: January 9, 2012 Abstract The recent financial crisis has generated many distinct perspectives from various quarters. In this article, I review a diverse set of 21 books on the crisis, 11 written by academics, and 10 written by journalist s and one forme r T reas ury Secretary. No single narrative emer ges from this broad and often contradictory collection of interpretations, but the sheer variety of conclusions is informative, and underscores the desperate need for the economics profession to establish a single set of facts from which more accurate inferences and narratives can be constructed. ∗ Prepared for the Journal of Economic Literature. I thank Zvi Bodie, Jayna Cummi ngs, Janet Currie , Jacob Goldfield, Joe Haubr ich, Debbie Lucas, Bob Mert on, Kevin Murphy, and Harriet Zucker man for helpful discussions and comments. Resear ch support from the MIT Laboratory for Financial Enginee ring is gratefully ackno wledge d. The views and opinio ns expressed in this article are those of the author only, and do not necessarily represent the views and opinions of MIT, AlphaSimplex, any of their affiliates or employees, or any of the individuals acknowledged above. † MIT Sloan School of Management, 100 Main Street, E62–618, Cambridge, MA, 02142, (617) 253–0920 (voice), [email protected] (e-mail); and AlphaSimplex Group, LLC.

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