Five Years After the Financial Crisis of 2008: Where Do We Stand?
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, contributors from academia, industry, and government analyze the financial crisis of 2008: its causes, effects on the U.S. economy, and the way ahead.
The expert contributors consider post-crisis 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.
John B. Taylor is the George P. Shultz Senior Fellow in Economics at the Hoover Institution and the Mary and Robert Raymond Professor of Economics at Stanford University. He chairs the Hoover Working Group on Economic Policy and is director of Stanford’s Introductory Economics Center.
Rules for International Monetary Stability
Central Bank Governance and Oversight Reform
Inequality and Economic Policy
Making Failure Feasible
Across the Great Divide
Martin Neil Baily is a senior fellow in the Economic Studies Program at the Brookings Institution and the Bernard L. Schwartz Chair in Economic Policy Development. He is also the director of the Business and Public Policy Initiative. Baily rejoined Brookings in September 2007 to develop a program of research on business and the economy. He is studying growth, innovation, and how to speed the recovery. He is a senior adviser to the McKinsey Global Institute, a senior director of Albright Stonebridge Group, a member of the Squam Lake Group of financial economists, co-chair of the Bipartisan Policy Center’s Financial Reform Initiative, and a director of the Phoenix Companies of Hartford, Connecticut. Baily earned his PhD in economics in 1972 at the Massachusetts Institute of Technology. After teaching at MIT and Yale, he became a senior fellow at the Brookings Institution in 1979 and a professor of economics at the University of Maryland in 1989. He is the author of many professional articles and books, testifies regularly to House and Senate committees, and is often quoted in the press.
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