new perspectives on the financial crisisBaily, Martin Neil1945-editor.Taylor, John B. (John Brian)1946-editor.Hoover Institution on War, Revolution, and Peaceissuing body.Brookings Institutionissuing body.textbibliographycauStanford, CaliforniaHoover Institution Press, Stanford University20142014monographiceng

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vi, 409 pages : illustrations (some color) ; 23 cm.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.Introduction / Martin Neil Baily and John B. Taylor -- 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 -- 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 lesson (being) learned : implications for the Fed's mandate / Peter R. Fisher -- Chapter 8. A slow recovery with low inflation / Allan H. Meltzer -- 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 -- 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 Chapter 14 -- 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.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."A unique collaborative account of the causes and effects of the financial crisis by Hoover Institution and Brookings Institution."Includes bibliographical references and index.n-us---Global Financial Crisis (2008-2009) 2008 - 2009 fast Global Financial Crisis, 2008-2009Financial crisesUnited StatesBanks and bankingState supervisionUnited StatesBank failuresUnited StatesMonetary policyUnited StatesBanking lawUnited StatesBank failuresBanking lawBanks and bankingState supervisionFinancial crisesMonetary policyUnited StatesHB3717 2008 C951 2014330.973/09319780817917845 (hbk.)0817917845 (hbk.)2015452743YDXCP15111220230805181430.018854516eng