By John B. Taylor
The monetary problem of 2008 devastated the yankee economic system and brought on U.S. policymakers to reconsider their ways to significant monetary crises. greater than 5 years have handed because the cave in of Lehman Brothers, yet questions nonetheless persist concerning the most sensible how you can keep away from and reply to destiny monetary crises. In Across the nice Divide, a copublication with Brookings establishment, contributing monetary and criminal students from academia, undefined, and executive examine the monetary predicament of 2008, from its factors and results at the U.S. financial system to the way in which forward. The professional individuals ponder postcrisis regulatory coverage reforms and rising monetary and fiscal tendencies, together with the jobs performed through hugely accommodative financial coverage, securitization run amok, government-sponsored firms (GSEs), huge asset bubbles, over the top leverage, and the Federal money price, between different strength reasons. They speak about the function performed via the Federal Reserve and think about the...
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Additional info for Across the Great Divide. New Perspectives on the Financial Crisis
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.
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On one hand, they need to learn from the past and correct for government lapses and missteps of prior years. On the other hand, they need to do so in a way that doesn’t create new problems. Government policymakers need not be caught between the proverbial rock (those who cannot remember the past are condemned to repeat it) and a hard place (first, do no harm). This paper seeks to illustrate the observation and offer some thoughts on how we might find a way through this challenge. Key drivers of the 2008 financial crisis We begin with a review of commonly cited key drivers of the financial crisis.