Across the great divide : new perspectives on the financial crisis /
New perspectives on the financial crisis
edited by Martin Neil Baily and John B. Taylor ; contributing authors: Martin Neil Baily, Sheila C. Bair, Alan S. Blinder, Michael D. Bordo, John H. Cochrane, Ricardo R. Delfin, Darrell Duffie, Douglas J. Elliott, Peter R. Fisher, Randall D. Guynn, Michael S. Helfer, Simon Hilpert, Allan H. Meltzer, Paul Saltzman, Kenneth E. Scott, George P. Shultz, David A. Skeel, Steve Strongin, Lawrence H. Summers, John B. Taylor, Kevin M. Warsh.
- Stanford, California : Hoover Institution Press, Stanford University, 2014.
- vi, 409 pages : illustrations (some color) ; 23 cm.
- Hoover Institution Press Publication ; No. 652 .
- Hoover Institution publication 652. .
"A unique collaborative account of the causes and effects of the financial crisis by Hoover Institution and Brookings Institution."
Includes bibliographical references and index.
Introduction / Chapter 1. How efforts to avoid past mistakes created new ones : some lessons from the causes and consequences of the recent financial crisis / Chapter 2. Low equilibrium, real rates, financial crisis, and secular stagnation / Chapter 3. Causes of the financial crisis and the slow recovery : a ten-year perspective / Chapter 4. Rethinking macro: reassessing micro-foundations / Chapter 5. The Federal Reserve policy, before, during, and after the fall / Chapter 6. The Federal Reserve's role : actions before, during, and after the 2008 Panic in the historical context of the Great Contraction / Chapter 7. Mistakes made and lesson (being) learned : implications for the Fed's mandate / Chapter 8. A slow recovery with low inflation / Chapter 9. How is the system safer? What more is needed? / Chapter 10. Toward a run-free financial system / Chapter 11. Financial market infrastructure : too important to fail / Chapter 12. "Too Big to Fail" from an economic perspective / Chapter 13. Framing the TBTF problem : the path to a solution / Chapter 14. Designing a better bankruptcy resolution / Chapter 15. Single point of entry and the bankruptcy alternative / Chapter 16. We need Chapter 14 -- and we need Title II / Remarks on key issues facing financial institutions / Concluding remarks / Summary of the commentary / Martin Neil Baily and John B. Taylor -- Sheila C. Bair and Ricardo R. Delfin -- Lawrence H. Summers -- John B. Taylor -- Kevin M. Warsh -- Alan S. Blinder -- Michael D. Bordo -- Peter R. Fisher -- Allan H. Meltzer -- Martin Neil Baily and Douglas J. Elliott -- John H. Cochrane -- Darrell Duffie -- Steve Strongin -- Randall D. Guynn -- Kenneth E. Scott -- David A. Skeel Jr. -- Michael S. Helfer -- Paul Saltzman -- George P. Schultz -- Simon Hilpert.
The financial crisis of 2008 devastated the American economy and caused U.S. policymakers to rethink their approaches to major financial crises. More than five years have passed since the collapse of Lehman Brothers, but questions still persist about the best ways to avoid and respond to future financial crises. In Across the Great Divide, a copublication with Brookings Institution, contributing economic and legal scholars from academia, industry, and government analyze the financial crisis of 2008, from its causes and effects on the U.S. economy to the way ahead. The expert contributors consider postcrisis regulatory policy reforms and emerging financial and economic trends, including the roles played by highly accommodative monetary policy, securitization run amok, government-sponsored enterprises (GSEs), large asset bubbles, excessive leverage, and the Federal funds rate, among other potential causes. They discuss the role played by the Federal Reserve and examine the concept of “too big to fail.” And they review and assess resolution frameworks, considering experiences with Lehman Bros. and other firms in the crisis, Title II of the Dodd-Frank Act, and the Chapter 14 bankruptcy code proposal.
9780817917845 (hbk.) 0817917845 (hbk.)
2015452743
Global Financial Crisis (2008-2009)
2008 - 2009
Global Financial Crisis, 2008-2009. Financial crises--United States. Banks and banking--State supervision--United States. Bank failures--United States. Monetary policy--United States. Banking law--United States. Bank failures. Banking law. Banks and banking--State supervision. Financial crises. Monetary policy.