 In a very broad sense, we're asking the question, to what extent does macroeconomic stability depend on financial stability? So this is of obvious concern to central banks in terms of policymaking and ensuring financial stability. And we do this through the lens of looking at the Great Recession in the United States. And we compare the extent to which two forces were at play in terms of explaining the Great Recession. The first is housing prices feeding into household wealth, which led to a cutback in spending, and therefore a reduction in economic activity. The second is a response through the financial sector itself as housing prices fall, their balance sheets deteriorate, and that causes financial distress, which has second-round feedback effects on the economy. We basically argue that both of those channels were at play, but this second channel was particularly important in explaining how deep the recession was and how long-lasting it was. Well, I think all of the papers have been excellent so far. I very much like the papers thinking about asset price movements and asset price bubbles, but I have to say that Elaine Ray's paper, looking at the extent to which financial crises are predictable using machine learning tools, was very impressive to me.