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What caused the financial crisis? What prolonged it? Why did it worsen so dramatically more than a year after it began? Rarely in economics is there a single answer to such questions, but the empiri...
This article reviews the role of monetary and fiscal policy in the financial crisis and draws lessons for future macroeconomic policy. It shows that policy deviated from what had worked well in the ...
I am honored to give this lecture in memory of L.K. Jha. It is a particular privilege to deliver it at this Platinum Jubilee celebration of the Reserve Bank of India. L. K. Jha was a truly outstandi...
It’s a pleasure to read and discuss this very nice and well-written paper by NikolskoRzhevskyy, Papell and Prodan. Let me begin with a summary of what the paper does, and then discuss some of the is...
Existing macroeconomic models account successfully for the immediate effects of a financial crisis on output and employment. I will lay out a simple macro model that captures the most important featur...
We examine in this paper the differential response of establishments to the global financial crisis, with particular emphasis on the role of foreign direct investment (FDI) in determining micro econom...
Conventional wisdom held that housing prices couldn’t fall. But the spectacular boom and bust of the housing market during the first decade of the twenty-first century and millions of foreclosed homeo...
The recent recession has brought fiscal policy back to the forefront, with economists and policy makers struggling to reach a consensus on highly political issues like tax rates and government spendin...
The financial crisis of 2007-9 has sparked keen interest in models of nancial frictions and their impact on macro activity. Most models share the feature that borrowers suffer a ...
This article takes the position that there have been significant costs attached to global banking financial integration and these costs were identified in a period prior to the 2008 Global Financial C...
The German banking system came under pressure during the financial crisis, not least due to its significant exposure to toxic assets which originated in the US. In the short run, the stability of the ...
The article discusses the measures taken by the Member States and the European Union (EU) countries during the global financial crisis in September 2008. It states that the Member States introduced ca...
The article presents a speech by Sheila Bair, Chairman of the Federal Deposit Insurance Corp. (FDIC), given on November 2, 2009. Bair discusses the global financial crisis and offers opinions on U.S. ...
The article presents a speech by Beth E. Mooney, Vice Chair, Community Banking, KeyCorp, delivered at the City Club of Cleveland in Cleveland, Ohio, October 16, 2009. Mooney discussed the state of the...
This Article consists of an introductory essay and an edited transcript of an unusual panel discussion on implications of the financial crisis. A panel of experts composed of prominent corporate and b...

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