I want to know the answer to the following question:
What did the volume "Credit Correlation: Life After Copulas" propose models to rectify?
All the background I'm provided with is that "Despite the dominance of the above formula, there are documented attempts of the financial industry, occurring before the crisis, to address the formula limitations, specifically the lack of dependence dynamics and the poor representation of extreme events.". Is that enough to answer the question?
Answer: no