Stanford, California : Hoover Institution Press, 2014.
Book — 409 p. : ill. ; 23 cm.
Introduction / Martin Neil and John B. Taylor
Part I. Causes and Effects of the Financial Crisis
Chapter 1. How efforts to avoid past mistakes created new ones : some lessons from the causes and consequences of the recent financial crisis / Sheila C. Bair and Ricardo R. Delfin
Chapter 2. Low equilibrium, real rates, financial crisis, and secular stagnation / Lawrence H. Summers
Chapter 3. Causes of the financial crisis and the slow recovery : a ten-year perspective / John B. Taylor
Chapter 4. Rethinking macro: reassessing micro-foundations / Kevin M. Warsh
Part II. The Federal Reserve's Role
Chapter 5. The Federal Reserve policy, before, during, and after the fall / Alan S. Blinder
Chapter 6. The Federal Reserve's role : actions before, during, and after the 2008 Panic in the historical context of the Great Contraction / Michael D. Bordo
Chapter 7. Mistakes made and lessons (being) learned : implications for the Fed's mandate / Peter R. Fisher
Chapter 8. A slow recovery with low inflation / Allan H. Meltzer
Part III. Is Too Big to Fail Over? Are We Ready for the Next Crisis?
Chapter 9. How is the system safer? What more is needed? / Martin Neil Baily and Douglas J. Elliott
Chapter 10. Toward a run-free financial system / John H. Cochrane
Chapter 11. Financial market infrastructure : too important to fail / Darrell Duffie
Chapter 12. "Too Big to Fail" from an economic perspective / Steve Strongin
Part IV. Bankruptcy, Bailout, Resolution
Chapter 13. Framing the TBTF problem : the path to a solution / Randall D. Guynn
Chapter 14. Designing a better bankruptcy resolution / Kenneth E. Scott
Chapter 15. Single point of entry and the bankruptcy alternative / David A. Skeel, Jr.
Chapter 16. We need
and we need Title II / Michael S. Helfer
Remarks on key issues facing financial institutions / Paul Saltzman
Concluding remarks / George P. Schultz
Summary of the commentary / 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. (source: Nielsen Book Data)
The Depository Institutions Deregulation and Monetary Control Act of 1980 has been the most comprehensive attempt at financial and monetary reform since the 1930s. Based on the authors' experience as visiting scholars in the Division of Banking Research and Economic Policy at the Office of the Comptroller in 1980, this study explores the act's historical antecedents, its purpose, and its potential effects on the financial system and the condut of monetary policy during the 1980s. The authors examine the strengths and weaknesses of this important first step in the series of reforms required to improve monetary control and create a more flexible, efficient, and competitive financial system. (source: Nielsen Book Data)
This selection from the authors' A Monetary History of the United States, 1867-1960 (Princeton) describes the changes that were made in the banking structure and in the monetary standard following the great contraction of 1929 to 1933, the establishment of monetary policies after the New Deal period, and the development of inflation during World War II. Originally published in 1980. The Princeton Legacy Library uses the latest print-on-demand technology to again make available previously out-of-print books from the distinguished backlist of Princeton University Press. These editions preserve the original texts of these important books while presenting them in durable paperback and hardcover editions. The goal of the Princeton Legacy Library is to vastly increase access to the rich scholarly heritage found in the thousands of books published by Princeton University Press since its founding in 1905. (source: Nielsen Book Data)