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Federal Reserve Bank of St. Louis: Articles and Papers Related to the Financial Crisis Contents Purpose...................................................................................................................................................... 2 All Topics ................................................................................................................................................... 3 The Crisis: An Overview ............................................................................................................................ 3 Monetary Policy and the Crisis ................................................................................................................. 5 Historical Perspectives on the Crisis ....................................................................................................... 11 What Caused the Crisis ........................................................................................................................... 13 The Role of Subprime Mortgages ........................................................................................................... 16 Possible Solutions ................................................................................................................................... 17 1 Purpose The financial crisis section of the Federal Reserve Bank of St. Louis website was created to provide the public with relevant information and resources about the major financial events and policy action during the financial crisis. The articles and papers listed here cover aspects of the financial crisis and represent a range of opinions and analysis. The Federal Reserve Bank of St. Louis does not endorse the views presented in these articles or papers. 2 All Topics Bernanke, Ben S. (2011). "Implementing a Macroprudential Approach to Supervision and Regulation." Speech at the Federal Reserve Bank of Chicago 47th Annual Conference on Bank Structure and Competition, Chicago, Illinois. Raskin, Sarah Bloom (2011). "Putting the Low Road Behind Us." Speech at the 2011 Midwinter Housing Finance Conference, Park City, Utah. Tarullo, Daniel K. (2011). "Regulating Systemic Risk." Speech at the Credit Markets Symposium, Charlotte, North Carolina. Yellen, Janet L. (2011). "The Federal Reserve's Asset Purchase Program." Speech at the Brimmer Policy Forum, Allied Social Science Associations Annual Meeting, Denver, Colorado. Yellen, Janet L. (2011). "Improving the International Monetary and Financial System." Speech at the Banque de France International Symposium, Paris, France. Yellen, Janet L. (2011). "Reaping the Full Benefits of Financial Openness." Speech at the Bank of Finland 200th Anniversary Conference, Helsinki, Finland. Weber, Axel. (2011). "Challenges for Monetary Policy in EMU." Homer Jones Memorial Lecture, Federal Reserve Bank of St. Louis, St. Louis, Missouri. The Crisis: An Overview Allen, Franklin and Elena Carletti (2008). "The Role of Liquidity in Financial Crises." Federal Reserve Bank of Kansas City's Symposium: Maintaining Stability in a Changing Financial System. Anderson, Richard G. and Charles S. Gascon (2009). "The Commercial Paper Market, the Fed, and the 2007-2009 Financial Crisis." Federal Reserve Bank of St. Louis Review, Vol. 91, No. 6. Asso, Pier Francesco, George A. Kahn, and Robert Leeson (2010). "The Taylor Rule and the Practice of Central Banking." Federal Reserve Bank of Kansas City Working Paper, RWP 10-05. Aubuchon, Craig P. and David C. Wheelock (2009). "The Global Recession." Federal Reserve Bank of St. Louis Economic Synopses, No. 22. Baxter, Thomas C., Jr. (2010). "Factors Affecting Efforts to Limit Payments to AIG Counterparties." Statement before the Committee on Oversight and Government Reform, United States House of Representatives. Baxter, Thomas C. and Sarah J. Dahlgren (2010). "The Federal Reserve Bank of New York's Involvement with AIG." Joint statement before the Congressional Oversight Panel. Bernanke, Ben S. (2009). "The Federal Reserve's Balance Sheet." Speech at the Federal Reserve Bank of Richmond Credit Markets Symposium, Charlotte, North Carolina. 3 Bernanke, Ben S. (2010). "The Supervisory Capital Assessment Program--One Year Later." Speech at the Federal Reserve Bank of Chicago 46th Annual Conference on Bank Structure and Competition, Chicago, Illinois. Blanchard, Olivier J. (2009). "The Crisis: Basic Mechanisms, and Appropriate Policies." IMF Working Paper, Volume 2009, Issue 80. Bowman, David, Etienne Gagnon, and Mike Leahy (2010). "Interest on Excess Reserves as a Monetary Policy Instrument: The Experience of Foreign Central Banks." Board of Governors of the Federal Reserve System International Finance Discussion Papers, Number 996. Brunnermeier, Markus K. (2008). "Deciphering the Liquidity and Credit Crunch 2007-08." Journal of Economic Perspectives, Vol.23, No. 1. Caballero, Ricardo J. and Pablo Kurlat (2009). "The "Surprising" Origin and Nature of Financial Crises: A Macroeconomic Policy Proposal." Federal Reserve Bank of Kansas City Symposium: Financial Stability and Macroeconomic Policy. Chari, V. V., Lawrence Christiano and Patrick J. Kehoe (2008). "Facts and Myths about the Financial Crisis of 2008." Federal Reserve Bank of Minneapolis Working Paper, Working Paper 666. Cohen-Cole, Ethan, Burcu Duygan-Bump, Jose Fillat and Judit Montoriol-Garriga (2008). "Looking Behind the Aggregates: A Reply to "Facts and Myths about the Financial Crisis of 2008"." Federal Reserve Bank of Boston Working Paper, No. QAU08-5. Dudley, William C. (2009). "Lessons Learned from the Financial Crisis." Remarks at the Eighth Annual BIS Conference, Basel, Switzerland. Fender, Ingo and Jacob Gyntelberg (2008). "Overview: Global Financial Crisis Spurs Unprecedented Policy Actions." BIS Quarterly Review, December 2008. Furlong, Frederick and Simon Kwan (2009). "Financial Turmoil and the Economy." Federal Reserve Bank of San Francisco 2008 Annual Report. Garriga, Carlos (2009). "Lending Standards in Mortgage Markets." Federal Reserve Bank of St. Louis Economic Synopses, No. 23. Gorton, Gary B. (2008). "The Panic of 2007." Federal Reserve Bank of Kansas City's Symposium: Maintaining Stability in a Changing Financial System. Ivashina, Victoria and David Scharfstein (2008). "Bank Lending During the Financial Crisis of 2008." EFA 2009 Bergen Meetings Paper, SSRN. Kashyap, Anil K., Raghuram Rajan and Jeremy Stein (2008). "The Global Roots of the Current Financial Crisis and its Implications for Regulations." 5th ECB Central Banking Conference. Kliesen, Kevin L. (2009). "Putting the Financial Crisis and Lending Activity in a Broader Context." Federal Reserve Bank of St. Louis Economic Synopses, No. 11. Kocherlakota, Narayana R. (2010). "Economic Recovery and Balance Sheet Normalization." Speech before the Minnesota Chamber of Commerce, Bloomington, Minnesota. 4 Kroszner, Randall S. and William Melick (2009). "The Response of the Federal Reserve to the Recent Banking and Financial Crisis." Chicago Booth School of Business Working Paper. Landier, Augustin and Kenichi Ueda (2009). "The Economics of Bank Restructuring: Understanding the Options." IMF Staff Position Note, SPN/09/12. Mizen, Paul (2008). "The Credit Crunch of 2007-2008: A Discussion of the Background, Market Reactions, and Policy Responses." Federal Reserve Bank of St. Louis Review, Vol. 90, No. 5. Sack, Brian P. (2010). "Preparing for a Smooth (Eventual) Exit." Remarks at the National Association for Business Economics Policy Conference, Arlington, Virginia. Sarkar, Asani (2009). "Liquidity Risk, Credit Risk, and the Federal Reserve’s Responses to the Crisis." Federal Reserve Bank of New York Staff Reports, Number 389. Stackhouse, Julie L. (2009). "The Economic Crisis: Understanding the Tools in Place to “Fix” Financial Markets." Federal Reserve Bank of St. Louis Educational Resources Presentation. Steelman, Aaron and John A. Weinberg (2009). "The Financial Crisis: Toward an Explanation and Policy Response." Federal Reserve Bank of Richmond 2008 Annual Report. Tarullo, Daniel K. (2010). "Toward an Effective Resolution Regime for Large Financial Institutions." Remarks at the Symposium on Building the Financial System of the 21st Century, Armonk, New York. Wang, Pengfei and Yi Wen (2009). "Speculative Bubbles and Financial Crisis." Federal Reserve Bank of St. Louis Working Paper, 2009-029A. Yellen, Janet L. (2009). "A Minsky Meltdown: Lessons for Central Bankers." Federal Reserve Bank of San Francisco Economic Letter, 2009-15. Monetary Policy and the Crisis Acharya, Viral V., João A. C. Santos, and Tanju Yorulmazer (2010). "Systemic Risk and Deposit Insurance Premiums." Federal Reserve Bank of New York Economic Policy Review, Volume 16, Number 2. Adrian, Tobias, Karin Kimbrough, and Dina Marchioni (2010). "The Federal Reserve’s Commercial Paper Funding Facility." Federal Reserve Bank of New York Staff Reports, Number 423. Adrian, Tobias and Hyun Song Shin (2008). "Financial Intermediaries, Financial Stability and Monetary Policy." Federal Reserve Bank of Kansas City's Symposium: Maintaining Stability in a Changing Financial System. Adrian, Tobias and Hyun Song Shin (2009). "The Shadow Banking System: Implications for Financial Regulation." Federal Reserve Bank of New York Staff Report, Number 382. Alvarez, Scott G. (2010). "Government Assistance to AIG." Testimony before the Congressional Oversight Panel, U.S. Congress. Anderson, Richard G. (2009). "Bankers Acceptances and Unconventional Monetary Policy: FAQs." Federal Reserve Bank of St. Louis Economic Synopses, No. 14. 5 Anderson, Richard G. (2009). "Bankers’ Acceptances: Yesterday’s Instrument to Restart Today's Credit Markets?" Federal Reserve Bank of St. Louis Economic Synopses, No. 5. Anderson, Richard G. (2009). "The Curious Case of the U.S. Monetary Base." Federal Reserve Bank of St. Louis Regional Economist, Volume 13, Number 3. Anderson, Richard G. (2008). "Paying Interest on Deposits at Federal Reserve Banks." Federal Reserve Bank of St. Louis Economic Synopses, No. 30. Armantier, Olivier, Sandra Krieger and James McAndrews (2008). "The Federal Reserve's Term Auction Facility." Federal Reserve Bank of New York Current Issues in Economics and Finance, Volume 14, Number 5. Artuç, Erhan and Selva Demiralp (2010). "Provision of Liquidity through the Primary Credit Facility during the Financial Crisis: A Structural Analysis." Federal Reserve Bank of New York Economic Policy Review, Volume 16, Number 2. Asso, Pier Francesco, George A. Kahn, and Robert Leeson (2010). "The Taylor Rule and the Practice of Central Banking." Federal Reserve Bank of Kansas City Working Paper, RWP 10-05. Aubuchon, Craig P. (2009). "The Fed's Response to the Credit Crunch." Federal Reserve Bank of St. Louis Economic Synopses, No. 6. Auerbach, Alan J. and William G. Gale (2009). "Activist Fiscal Policy to Stabilize Economic Activity." Federal Reserve Bank of Kansas City Symposium: Financial Stability and Macroeconomic Policy. Bech, Morten L. and Elizabeth Klee (2009). "The Mechanics of a Graceful Exit: Interest on Reserves and Segmentation in the Federal Funds Market." Federal Reserve Bank of New York Staff Reports, Number 416. Bernanke, Ben S. (2010). "Economic Policy: Lessons from History." Remarks at the 43rd Annual Alexander Hamilton Awards Dinner, Center for the Study of the Presidency and Congress, Washington, D.C. Bernanke, Ben S. (2010). "Federal Reserve's Exit Strategy." Statement before the Committee on Financial Services, U.S. House of Representatives. Bernanke, Ben S. (2008). "Housing, Mortgage Markets, and Foreclosures.” Remarks at the Federal Reserve System Conference on Housing and Mortgage Markets, Washington, D.C. Bernanke, Ben S. (2009). "Reflections on a Year of Crisis." Remarks at the Federal Reserve Bank of Kansas City Symposium: Financial Stability and Macroeconomic Policy, Jackson Hole, Wyoming. Bernanke, Ben S. (2009). "The Federal Reserve's Balance Sheet: An Update." Remarks at the Federal Reserve Board Conference on Key Developments in Monetary Economics, Washington, D.C. Bernanke, Ben S. (2010). "The Supervisory Capital Assessment Program--One Year Later." Speech at the Federal Reserve Bank of Chicago 46th Annual Conference on Bank Structure and Competition, Chicago, Illinois. Blanchard, Olivier, Giovanni Dell’Ariccia, and Paolo Mauro (2010). "Rethinking Macroeconomic Policy." IMF Staff Position Note, SPN/10/03. 6 Blinder, Alan S. (2010). "Quantitative Easing: Entrance and Exit Strategies." Federal Reserve Bank of St. Louis Homer Jones Memorial Lecture. Buiter, Willem H. (2008). "Central Banks and Financial Crises." Federal Reserve Bank of Kansas City's Symposium: Maintaining Stability in a Changing Financial System. Bullard, James B. (2009). "The Fed as Lender of Last Resort." Federal Reserve Bank of St. Louis Regional Economist, Vol. 17, No. 1. Bullard, James B. (2009). "Three Funerals and a Wedding." Federal Reserve Bank of St. Louis Review, Vol. 91, No. 1. Bullard, James (2010). "Three Lessons for Monetary Policy from the Panic of 2008." Federal Reserve Bank of St. Louis Review, Vol. 92, No. 3. Bullard, James, Christopher J. Neely, and David C. Wheelock (2009). "Systemic Risk and the Financial Crisis: A Primer." Federal Reserve Bank of St. Louis Review, Vol. 91, No. 5. Caballero, Ricardo J. and Pablo Kurlat (2009). "The "Surprising" Origin and Nature of Financial Crises: A Macroeconomic Policy Proposal." Federal Reserve Bank of Kansas City Symposium: Financial Stability and Macroeconomic Policy. Cecchetti, Stephen G. (2008). "Crisis and Responses: The Federal Reserve and the Financial Crisis of 2007-08." NBER Working Paper No. 14134. Chailloux, Alexandre, Simon Gray, Ulrich Klüh, Seiichi Shimizu, and Peter Stella (2008). "Central Bank Response to the 2007-08 Financial Market Turbulence: Experiences and Lessons Drawn." IMF Working Paper, Volume 2008, Issue 210. Checki, Terrence J. (2009). "Beyond the Crisis: Reflections on the Challenges." Remarks at the Foreign Policy Association Corporate Dinner, New York City. Christensen, Jens H. E., Jose A. Lopez, and Glenn D. Rudebusch (2009). "Do Central Bank Liquidity Facilities Affect Interbank Lending Rates?" Federal Reserve Bank of San Francisco Working Paper, WP 2009-13. Contessi, Silvio and Hoda El-Ghazaly (2009). "Commercial Bank Lending Data during the Crisis: Handle with Care." Federal Reserve Bank of St. Louis Economic Synopses, No. 36. Crotty, James (2008). "Structural Causes of the Global Financial Crisis: A Critical Assessment of the ‘New Financial Architecture’." University of Massachusetts Amherst Working Paper, Number 2008-14. Cúrdia, Vasco and Michael Woodford (2009). "Conventional and Unconventional Monetary Policy." Federal Reserve Bank of New York Staff Reports, Number 404. Demyanyk, Yuliya and Kent Cherny (2009). "Bank Exposure to Commercial Real Estate." Federal Reserve Bank of Cleveland Economic Trends, August 2009. Demyanyk, Yuliya and Iftekhar Hasan (2009). "Financial Crises and Bank Failures: A Review of Prediction Methods." Federal Reserve Bank of Cleveland Working Paper, WP 09-04R. 7 Dudley, William C. (2010). "Asset Bubbles and the Implications for Central Bank Policy." Remarks at the Economic Club of New York, New York City. Dudley, William C. (2010). "Lessons of the Crisis: The Implications for Regulatory Reform." Remarks at the Partnership for New York City Discussion, New York City. Dudley, William C. (2009). "More Lessons from the Crisis." Remarks at the Center for Economic Policy Studies (CEPS) Symposium, Princeton, New Jersey. Dudley, William C. (2009). "The Economic Outlook and the Fed's Balance Sheet: The Issue of "How" versus "When"." Remarks at the Association for a Better New York Breakfast Meeting, Grand Hyatt, New York. Dudley, William C. (2010). "The Longer-Term Challenges Ahead." Remarks at the Council of Society Business Economists Annual Dinner, London, United Kingdom. Dudley, William C. (2010). "The U.S. Financial System: Where We Have Been, Where We Are and Where We Need to Go." Remarks at the Reserve Bank of Australia’s 50th Anniversary Symposium, Sydney, Australia. Duke, Elizabeth A. (2010). "Moving Beyond the Financial Crisis." Remarks at the Consumer Bankers Association Annual Conference, Hollywood, Florida. Eichengreen, Barry, Ashoka Mody, Milan Nedeljkovic, and Lucio Sarno (2009). "How the Subprime Crisis Went Global: Evidence from Bank Credit Default Swap Spreads." NBER Working Paper No. 14904. Ergungor, O. Emre and Kent Cherny (2009). "Effective Practices in Crisis Resolution and the Case of Sweden." Federal Reserve Bank of Cleveland Economic Commentary, February 2009. Fawley, Brett W. and Luciana Juvenal (2010). "Monetary Policy and Asset Prices." Federal Reserve Bank of St. Louis Economic Synopses, No. 37. Feldman, Ron. "Interview with Raghuram Rajan." Federal Reserve Bank of Minneapolis The Region, December 2009. Fleming, Michael J., Warren B. Hrung and Frank M. Keane (2009). "The Term Securities Lending Facility: Origin, Design, and Effects." Federal Reserve Bank of New York Current Issues in Economics and Finance, Volume 15, Number 2. Furlong, Frederick and Simon Kwan (2009). "Financial Turmoil and the Economy." Federal Reserve Bank of San Francisco 2008 Annual Report. Gascon, Charles S. (2009). "Federal Reserve Assets: Understanding the Pieces of the Pie." Federal Reserve Bank of St. Louis Economic Synopses, No. 13. Gavin, William T. (2009). "More Money: Understanding Recent Changes in the Monetary Base." Federal Reserve Bank of St. Louis Review, Vol. 91, No. 2. Gerlach-Kristen, Petra (2010). "The Dependence of the Financial System on Central Bank and Government Support." BIS Quarterly Review, March 2010. 8 Glasserman, Paul and Zhenyu Wang (2009). "Valuing the Treasury’s Capital Assistance Program." Federal Reserve Bank of New York Staff Reports, Number 413. Gorton, Gary (2010). "Questions and Answers about the Financial Crisis." Prepared testimony for the U.S. Financial Crisis Inquiry Commission. Guidolin, Massimo and Yu Man Tam (2009). "Is the Financial Crisis Over? A Yield Spread Perspective." Federal Reserve Bank of St. Louis Economic Synopses, No. 40. Hart, Oliver and Luigi Zingales (2009). "How to Avoid a New Financial Crisis." University of Chicago Booth School of Business Working Paper. Hoenig, Thomas M., Charles S. Morris, and Kenneth Spong (2009). "Resolution Process for Financial Companies that Pose Systemic Risk to the Financial System and Overall Economy." Federal Reserve Bank of Kansas City. Huang, Xin, Hao Zhou, and Haibin Zhu (2009). "A Framework for Assessing the Systemic Risk of Major Financial Institutions." Board of Governors of the Federal Reserve System Finance and Economics Discussion Series, 2009-37. International Monetary Fund (2010). "United States: Financial System Stability Assessment." International Monetary Fund, IMF Country Report No. 10/247. Kamin, Steven B. and Laurie Pounder DeMarco (2010). "How Did a Domestic Housing Slump Turn into a Global Financial Crisis?" Board of Governors International Finance Discussion Papers, Number 994. Kohn, Donald L. (2009). "Central Bank Exit Policies." Remarks at the Shadow Open Market Committee Meeting at the Cato Institute, Washington, D.C. Kohn, Donald L. (2010). "Focusing on Bank Interest Rate Risk Exposure." Remarks at the Federal Deposit Insurance Corporation’s Symposium on Interest Rate Risk Management, Arlington, Virginia. Kohn, Donald L. (2010). "Monetary Policy in the Crisis: Past, Present, and Future." Remarks at the Brimmer Policy Forum, American Economic Association Annual Meeting, Atlanta, Georgia. Kohn, Donald L. (2009). "Policies to Bring Us Out of the Financial Crisis and Recession." Remarks at the Forum on Great Decisions in the Economic Crisis, College of Wooster, Wooster, Ohio. Kuttner, Kenneth N. (2008). "The Federal Reserve as Lender of Last Resort during the Panic of 2008." Committee on Capital Markets Regulation Report. Levine, Ross (2010). "An Autopsy of the U.S. Financial System: Accident, Suicide, or Negligent Homicide?" Brown University Working Paper. Mankiw, N. Gregory (2010). "Questions about Fiscal Policy: Implications from the Financial Crisis of 2008-2009." Federal Reserve Bank of St. Louis Review, Vol. 92, No. 3. McAndrews, James, Asani Sarkar and Zhenyu Wang (2008). "The Effect of the Term Auction Facility on the London Inter-Bank Offered Rate." Federal Reserve Bank of New York Staff Reports, Number 335. 9 Mishkin, Frederic S. (2009). "Is Monetary Policy Effective During Financial Crises?" NBER Working Paper No. 14678. Nadauld, Taylor D. and Shane M. Sherlund (2009). "The Role of the Securitization Process in the Expansion of Subprime Credit." Board of Governors of the Federal Reserve System Finance and Economics Discussion Series, 2009-28. Neely, Christopher J. (2010). "“How Central Should the Central Bank Be?” A Comment." Federal Reserve Bank of St. Louis Economic Synopses, No. 10. Obstfeld, Maurice, Jay C. Shambaugh and Alan M. Taylor (2008). "Financial Instability, Reserves, and Central Bank Swap Lines in the Panic of 2008." AEA 2009 Annual Meeting Conference Paper. Potter, Simon M. (2010). "Some Observations and Lessons from the Crisis." Remarks at the Third Annual Connecticut Bank and Trust Company Economic Outlook Breakfast, Hartford, Connecticut. Pozsar, Zoltan, Tobias Adrian, Adam Ashcraft, and Hayley Boesky (2010). "Shadow Banking." Federal Reserve Bank of New York Staff Reports, Number 458. Raskin, Sarah Bloom (2011). "Putting the Low Road Behind Us." Speech at the 2011 Midwinter Housing Finance Conference, Park City, Utah. Rudebusch, Glen D. (2009). "Unconventional Monetary Policy Actions." Federal Reserve Bank of San Francisco FedViews. Sengupta, Rajdeep (2010). "Alt-A: The Forgotten Segment of the Mortgage Market." Federal Reserve Bank of St. Louis Review, Vol. 92, No. 1. Swagel, Phillip (2009). "The Financial Crisis: An Inside View." Brookings Papers on Economic Activity, No. 1. Shirakawa, Masaaki (2009). "International Policy Response to the Financial Crisis." Federal Reserve Bank of Kansas City Symposium: Financial Stability and Macroeconomic Policy. Sarkar, Asani (2009). "Liquidity Risk, Credit Risk, and the Federal Reserve’s Responses to the Crisis." Federal Reserve Bank of New York Staff Reports, Number 389. Tarullo, Daniel K. (2009). "Confronting Too Big to Fail." Remarks to the Exchequer Club, Washington, D.C. Tarullo, Daniel K. (2010). "Toward an Effective Resolution Regime for Large Financial Institutions." Remarks at the Symposium on Building the Financial System of the 21st Century, Armonk, New York. Taylor, John B. and John C. Williams (2008). "A Black Swan in the Money Market." Federal Reserve Bank of San Francisco Working Paper, WP 2008-04. Taylor, John B. and John C. Williams (2008). "Further Results on a Black Swan in the Money Market." Stanford University Working Paper. Taylor, John B. (2010). "Getting Back on Track: Macroeconomic Policy Lessons from the Financial Crisis." Federal Reserve Bank of St. Louis Review, Vol. 92, No. 3. 10 Taylor, John B. (2009). "Monetary Policy and the Recent Extraordinary Measures Taken by the Federal Reserve." Testimony before the Committee on Financial Services, U.S. House of Representatives. Thornton, Daniel (2009). "The Fed, Liquidity, and Credit Allocation." Federal Reserve Bank of St. Louis Review, Vol. 91, No. 1. Thornton, Daniel (2008). "Walter Bagehot, the Discount Window, and TAF." Federal Reserve Bank of St. Louis Economic Synopses, No. 27. Thornton, Daniel L. (2009). "Would Quantitative Easing Sooner Have Tempered the Financial Crisis and Economic Recession?" Federal Reserve Bank of St. Louis Economic Synopses, No. 37. Volcker, Paul A. (2010). "The Role of the Federal Reserve in a New Financial Order." Remarks before the Economic Club of New York, New York City. Wheelock, David C. (2009). "How Not to Reduce Excess Reserves." Federal Reserve Bank of St. Louis Economic Synopses, No. 38. Wheelock, David C. (2010). "Lessons Learned? Comparing the Federal Reserve’s Responses to the Crises of 1929-1933 and 2007-2009." Federal Reserve Bank of St. Louis Review, Vol. 92, No. 2. White, William R. (2009). "Should Monetary Policy “Lean or Clean”?" Federal Reserve Bank of Dallas Globalization and Monetary Policy Institute Working Paper No. 34. Willardson, Niel (2008). "Actions to Restore Financial Stability: A Summary of Recent Federal Reserve Initiatives." Federal Reserve Bank of Minneapolis The Region, December 2008. Williams, John C. (2009). "The Risk of Deflation." Federal Reserve Bank of San Francisco Economic Letter, 2009-12. Wu, Tao (2008). "On the Effectiveness of the Federal Reserve's New Liquidity Facilities." Federal Reserve Bank of Dallas Working Paper, 0808. Yellen, Janet L. (2009). "A View of the Economic Crisis and the Federal Reserve’s Response." Federal Reserve Bank of San Francisco Economic Letter, 2009-22. Yellen, Janet L. (2010). "Macroprudential Supervision and Monetary Policy in the Post-crisis World." Remarks at the Annual Meeting of the National Association for Business Economics, Denver, Colorado. Yellen, Janet L. (2011). "Reaping the Full Benefits of Financial Openness." Speech at the Bank of Finland 200th Anniversary Conference, Helsinki, Finland. Historical Perspectives on the Crisis Adrian, Tobias, Karin Kimbrough, and Dina Marchioni (2010). "The Federal Reserve’s Commercial Paper Funding Facility." Federal Reserve Bank of New York Staff Reports, Number 423. Anderson, Richard G. (2009). "Bankers’ Acceptances: Yesterday’s Instrument to Restart Today's Credit Markets?" Federal Reserve Bank of St. Louis Economic Synopses, No. 5. Aubuchon, Craig P. and David C. Wheelock (2009). "The Global Recession." Federal Reserve Bank of St. Louis Economic Synopses, No. 22. 11 Barro, Robert J. and José F. Ursúa (2009). "Stock-Market Crashes and Depressions." NBER Working Paper No. 14760. Bordo, Michael D. (2008). "An Historical Perspective on the Crisis of 2007-2008." Remarks prepared for the Central Bank of Chile Twelfth Annual Conference on Financial Stability, Monetary Policy and Central Banking, Santiago, Chile. NBER Working Paper No. 14569. Bowman, David, Etienne Gagnon, and Mike Leahy (2010). "Interest on Excess Reserves as a Monetary Policy Instrument: The Experience of Foreign Central Banks." Board of Governors of the Federal Reserve System International Finance Discussion Papers, Number 996. Chomsisengphet, Souphala and Anthony Pennington-Cross (2006). "The Evolution of the Subprime Mortgage Market." Federal Reserve Bank of St. Louis Review, Vol. 88, No. 1. Collyns, Charles (2008). "The Crisis Through the Lens of History." International Monetary Fund Finance and Development, Volume 45, Number 4. Dudley, William C. (2009). "Lessons Learned from the Financial Crisis." Remarks at the Eighth Annual BIS Conference, Basel, Switzerland. Dudley, William C. (2009). "More Lessons from the Crisis." Remarks at the Center for Economic Policy Studies (CEPS) Symposium, Princeton, New Jersey. Dudley, William C. (2010). "The Longer-Term Challenges Ahead." Remarks at the Council of Society Business Economists Annual Dinner, London, United Kingdom. Eichengreen, Barry (2008). "The Global Credit Crisis as History." University of California Berkeley Policy Paper. Eichner, Matthew J., Donald L. Kohn, and Michael G. Palumbo (2010). "Financial Statistics for the United States and the Crisis: What Did They Get Right, What Did They Miss, and How Should They Change?" Board of Governors of the Federal Reserve System Finance and Economics Discussion Series, 2010-20. Fernández de Córdoba, Gonzalo and Timothy J. Kehoe (2009). "The Current Financial Crisis: What Should We Learn from the Great Depressions of the Twentieth Century?" Federal Reserve Bank of Minneapolis Staff Report 421. Fisher, Richard W. (2010). "Where We Go from Here: The Crisis and Beyond." Remarks before the Eller College of Management, University of Arizona. Gorton, Gary (2010). "Questions and Answers about the Financial Crisis." Prepared testimony for the U.S. Financial Crisis Inquiry Commission. Gorton, Gary B. (2009). "Slapped in the Face by the Invisible Hand: Banking and the Panic of 2007." Federal Reserve Bank of Atlanta 2009 Financial Markets Conference: Financial Innovation and Crisis. Kohn, Donald L. (2010). "Monetary Policy in the Crisis: Past, Present, and Future." Remarks at the Brimmer Policy Forum, American Economic Association Annual Meeting, Atlanta, Georgia. Kroszner, Randall S. and William Melick (2009). "The Response of the Federal Reserve to the Recent Banking and Financial Crisis." Chicago Booth School of Business Working Paper. 12 Laeven, Luc and Fabian Valencia (2008). "Systemic Banking Crisis: A New Database." IMF Working Paper, Volume 2008, Issue 224. Reinhart, Carmen M. and Kenneth S. Rogoff (2008). "Banking Crises: An Equal Opportunity Menace." NBER Working Paper No. 14587. Reinhart, Carmen and Kenneth S. Rogoff (2009). "The Aftermath of Financial Crises." NBER Working Paper No. 14656. Reinhart, Carmen M. and Kenneth S. Rogoff (2008). "This Time is Different: A Panoramic View of Eight Centuries of Financial Crises." NBER Working Paper No. 13882. Walsh, Carl E. (2009). "Using Monetary Policy to Stabilize Economic Activity." Federal Reserve Bank of Kansas City Symposium: Financial Stability and Macroeconomic Policy. What Caused the Crisis Ashcraft, Adam B. and Til Schuermann (2008). "Understanding the Securitization of Subprime Mortgage Credit." Federal Reserve Bank of New York Staff Reports, Number 318. Banternghansa, Chanont and Adrian Peralta-Alva (2009). "Has the Recent Real Estate Bubble Biased the Output Gap?" Federal Reserve Bank of St. Louis Economic Synopses, No. 45. Baxter, Thomas C., Jr. (2010). "Factors Affecting Efforts to Limit Payments to AIG Counterparties." Statement before the Committee on Oversight and Government Reform, United States House of Representatives. Bernanke, Ben S. (2010). "Monetary Policy and the Housing Bubble." Remarks at the Annual Meeting of the American Economic Association, Atlanta, Georgia. Bernanke, Ben S. (2009). "The Federal Reserve's Balance Sheet: An Update." Remarks at the Federal Reserve Board Conference on Key Developments in Monetary Economics, Washington, D.C. Bhardwaj, Geetesh and Rajdeep Sengupta (2008). "Subprime Mortgage Design." Federal Reserve Bank of St. Louis Working Paper, 2008-039E. Bhardwaj, Geetesh and Rajdeep Sengupta (2008). "Subprime Loan Quality." Federal Reserve Bank of St. Louis Working Paper, 2008-036E. Blinder, Alan S. (2010). "Quantitative Easing: Entrance and Exit Strategies." Federal Reserve Bank of St. Louis Homer Jones Memorial Lecture. Calomiris, Charles W. (2008). "The Subprime Turmoil: What's Old, What's New, and What's Next." Federal Reserve Bank of Kansas City Symposium: Maintaining Stability in a Changing Financial System. Cecchetti, Stephen G. and Piti Disyatat (2009). "Central Bank Tools and Liquidity Shortages." Federal Reserve Bank of New York Economic Policy Review, Volume 16, Number 1. Cecchetti, Stephen G., Marion Kohler and Christian Upper (2009). "Financial Crises and Economic Activity." Federal Reserve Bank of Kansas City Symposium: Financial Stability and Macroeconomic Policy. 13 Checki, Terrence J. (2009). "Beyond the Crisis: Reflections on the Challenges." Remarks at the Foreign Policy Association Corporate Dinner, New York City. Demyanyk, Yuliya and Kent Cherny (2009). "Bank Exposure to Commercial Real Estate." Federal Reserve Bank of Cleveland Economic Trends, August 2009. Demyanyk, Yuliya (2008). "Did Credit Scores Predict the Subprime Crisis?" Federal Reserve Bank of St. Louis Regional Economist, Vol. 16, No. 4. Demyanyk, Yuliya S. (2009). "Quick Exits of Subprime Mortgages." Federal Reserve Bank of St. Louis Review, Vol. 91, No. 2. Demyanyk, Yuliya and Otto Van Hemert (2008). "Understanding the Subprime Mortgage Crisis." SSRN Working Paper. Diamond, Douglas W. and Raghuram G. Rajan (2008). "The Credit Crisis: Conjectures about Causes and Remedies." American Economic Review, Vol. 99, No. 2. Dudley, William C. (2009). "Lessons Learned from the Financial Crisis." Remarks at the Eighth Annual BIS Conference, Basel, Switzerland. Dudley, William C. (2010). "The Longer-Term Challenges Ahead." Remarks at the Council of Society Business Economists Annual Dinner, London, United Kingdom. Fisher, Richard W. (2010). "Financial Reform or Financial Dementia?" Remarks at the SW Graduate School of Banking 53rd Annual Keynote Address and Banquet. Foote, Christopher L., Kristopher Gerardi, Lorenz Goette and Paul S. Willen (2008). "Subprime Facts: What (We Think) We Know about the Subprime Crisis and What We Don't." Federal Reserve Bank of Boston Public Policy Discussion Paper, No. 08-2. Gerardi, Kristopher S., Andreas Lehnert, Shane M. Sherland, and Paul S. Willen (2008). "Making Sense of the Subprime Crisis." Federal Reserve Bank of Boston Working Paper, No. 09-1. Gerardi, Kristopher, Adam Hale Shapiro and Paul S. Willen (2008). "Subprime Outcomes: Risky Mortgages, Homeownership Experiences, and Foreclosures." Federal Reserve Bank of Boston Working Paper, No. 07-15. Gramlich, Edward M. (2007). "Booms and Busts: The Case of Subprime Mortgages." Federal Reserve Bank of Kansas City Economic Review, Fourth Quarter 2007. Guidolin, Massimo and Yu Man Tam (2009). "Is the Financial Crisis Over? A Yield Spread Perspective." Federal Reserve Bank of St. Louis Economic Synopses, No. 40. Huang, Xin, Hao Zhou, and Haibin Zhu (2009). "A Framework for Assessing the Systemic Risk of Major Financial Institutions." Board of Governors of the Federal Reserve System Finance and Economics Discussion Series, 2009-37. Kashyap, Anil K., Raghuram G. Rajan and Jeremy C. Stein (2008). "Rethinking Capital Regulation." Federal Reserve Bank of Kansas City's Symposium: Maintaining Stability in a Changing Financial System. 14 Kregel, Jan (2008). "Changes in the U.S. Financial System and the Subprime Crisis." Levy Economics Institute Working Papers, No. 530. Litan, Robert E. and Martin N. Baily (2009). "Fixing Finance: A Roadmap for Reform." Brookings Institution Report: Fixing Finance Series. Lo, Andrew W. (2008). "Hedge Funds, Systemic Risk, and the Financial Crisis of 2007-2008." Prepared testimony, Committee on Oversight and Government Reform, U.S. House of Representatives. Lothian, James R. (2009). "U.S. Monetary Policy and the Financial Crisis." Federal Reserve Bank of Atlanta CenFIS Working Paper 09-01. Mayer, Chris, Karen Pence and Shane M. Sherlund. "The Rise in Mortgage Defaults." Board of Governors of the Federal Reserve System Finance and Economics Discussion Series, 2008-59. Mian, Atif R. and Amir Sufi (2008). "The Consequences of Mortgage Credit Expansion: Evidence from the U.S. Mortgage Default Crisis." SSRN Working Paper. Peristiani, Stavros, Donald P. Morgan, and Vanessa Savino (2010). "The Information Value of the Stress Test and Bank Opacity." Federal Reserve Bank of New York Staff Reports, Number 460. Segoviano, Miguel A. and Manmohan Singh (2008). "Counterparty Risk in the Over-The-Counter Derivatives Market." IMF Working Paper, Volume 2008, Issue 258. Rajan, Raghuram G. (2005). "Has Financial Development Made the World Riskier?" Federal Reserve Bank of Kansas City Symposium: The Greenspan Era: Lessons for the Future. Rajan, Raghuram G. (2009). "The Credit Crisis and Cycle Proof Regulation." Federal Reserve Bank of St. Louis Review, Vol. 91, No. 5. Rosengren, Eric S. (2009). "Lessons for the Future from the Financial Crisis." Speech before Massachusetts Newspaper Publishers Association Annual Meeting, Boston, Massachusetts. Sack, Brian P. (2010). "Preparing for a Smooth (Eventual) Exit." Remarks at the National Association for Business Economics Policy Conference, Arlington, Virginia. Sack, Brian P. (2009). "The Fed's Expanded Balance Sheet." Remarks at the Money Marketeers of New York University, New York City. Sarkar, Asani (2009). "Liquidity Risk, Credit Risk, and the Federal Reserve’s Responses to the Crisis." Federal Reserve Bank of New York Staff Reports, Number 389. Tarullo, Daniel K. (2010). "Toward an Effective Resolution Regime for Large Financial Institutions." Remarks at the Symposium on Building the Financial System of the 21st Century, Armonk, New York. Taylor, John B. (2008). "The Financial Crisis and the Policy Response: An Empirical Analysis of What Went Wrong." Stanford University Working Paper. Thomson, James B. (2009). "On Systemically Important Financial Institutions and Progressive System Mitigation." Federal Reserve Bank of Cleveland Policy Discussion Paper Number 27. 15 Wachter, Susan M., Andrey D. Pavlov, and Zoltan Pozsar (2008). "Subprime Lending and Real Estate Markets." University of Pennsylvania Institute for Law & Economic Research Paper No. 08-35. Warsh, Kevin (2010). "Regulation and Its Discontents." Remarks to the New York Association for Business Economics, New York, New York. Whalen, R. Christopher (2008). "The Subprime Crisis: Cause, Effect and Consequences." Networks Financial Institute Policy Brief No. 2008-PB-04. The Role of Subprime Mortgages Ashcraft, Adam B. and Til Schuermann (2008). "Understanding the Securitization of Subprime Mortgage Credit." Federal Reserve Bank of New York Staff Reports, Number 318. Bernanke, Ben S. (2008). "Housing, Mortgage Markets, and Foreclosures.” Remarks at the Federal Reserve System Conference on Housing and Mortgage Markets, Washington, D.C. Bhardwaj, Geetesh and Rajdeep Sengupta (2008). "Subprime Loan Quality." Federal Reserve Bank of St. Louis Working Paper, 2008-036E. Bhardwaj, Geetesh and Rajdeep Sengupta (2008). "Subprime Mortgage Design." Federal Reserve Bank of St. Louis Working Paper, 2008-039E. Bullard, James (2010). "Quantitative Easing—Uncharted Waters for Monetary Policy." Federal Reserve Bank of St. Louis Regional Economist, Vol. 18, No. 1. Calomiris, Charles W. (2008). "The Subprime Turmoil: What's Old, What's New, and What's Next." Federal Reserve Bank of Kansas City Symposium: Maintaining Stability in a Changing Financial System. Chomsisengphet, Souphala and Anthony Pennington-Cross (2006). "The Evolution of the Subprime Mortgage Market." Federal Reserve Bank of St. Louis Review, Vol. 88, No. 1. Christensen, Jens (2009). "Have the Fed Liquidity Facilities Had an Effect on Libor?" Federal Reserve Bank of San Francisco Economic Letter, 2009-25. Demyanyk, Yuliya and Kent Cherny (2009). "Bank Exposure to Commercial Real Estate." Federal Reserve Bank of Cleveland Economic Trends, August 2009. Demyanyk, Yuliya (2008). "Did Credit Scores Predict the Subprime Crisis?" Federal Reserve Bank of St. Louis Regional Economist, Vol. 16, No. 4. Demyanyk, Yuliya S. (2009). "Quick Exits of Subprime Mortgages." Federal Reserve Bank of St. Louis Review, Vol. 91, No. 2. Demyanyk, Yuliya and Otto Van Hemert (2008). "Understanding the Subprime Mortgage Crisis." SSRN Working Paper. Foote, Christopher L., Kristopher Gerardi, Lorenz Goette and Paul S. Willen (2008). "Subprime Facts: What (We Think) We Know about the Subprime Crisis and What We Don't." Federal Reserve Bank of Boston Public Policy Discussion Paper, No. 08-2. 16 Garriga, Carlos (2009). "Lending Standards in Mortgage Markets." Federal Reserve Bank of St. Louis Economic Synopses, No. 23. Gramlich, Edward M. (2007). "Booms and Busts: The Case of Subprime Mortgages." Federal Reserve Bank of Kansas City Economic Review, Fourth Quarter 2007. Hirtle, Beverly, Til Schuermann, and Kevin Stiroh. "Macroprudential Supervision of Financial Institutions: Lessons from the SCAP." Federal Reserve Bank of New York Staff Reports, Number 409. Kocherlakota, Narayana R. (2010). "Economic Recovery and Balance Sheet Normalization." Speech before the Minnesota Chamber of Commerce, Bloomington, Minnesota. Kohn, Donald L. (2010). "Monetary Policy in the Crisis: Past, Present, and Future." Remarks at the Brimmer Policy Forum, American Economic Association Annual Meeting, Atlanta, Georgia. Kregel, Jan (2008). "Changes in the U.S. Financial System and the Subprime Crisis." Levy Economics Institute Working Papers, No. 530. Mian, Atif R. and Amir Sufi (2008). "The Consequences of Mortgage Credit Expansion: Evidence from the U.S. Mortgage Default Crisis." SSRN Working Paper. Stackhouse, Julie L. (2009). "The Economic Crisis: Understanding the Tools in Place to “Fix” Financial Markets." Federal Reserve Bank of St. Louis Educational Resources Presentation. Thornton, Daniel L. (2009). "What the Libor-OIS Spread Says." Federal Reserve Bank of St. Louis Economic Synopses, No. 24. Veronesi, Pietro and Luigi Zingales (2009). "Paulson’s Gift." NBER Working Paper No. 15458. Wachter, Susan M., Andrey D. Pavlov, and Zoltan Pozsar (2008). "Subprime Lending and Real Estate Markets." University of Pennsylvania Institute for Law & Economic Research Paper No. 08-35. Whalen, R. Christopher (2008). "The Subprime Crisis: Cause, Effect and Consequences." Networks Financial Institute Policy Brief No. 2008-PB-04. Possible Solutions Acharya, Viral V., João A. C. Santos, and Tanju Yorulmazer (2010). "Systemic Risk and Deposit Insurance Premiums." Federal Reserve Bank of New York Economic Policy Review, Volume 16, Number 1. Adrian, Tobias and Hyun Song Shin. "The Changing Nature of Financial Intermediation and the Financial Crisis of 2007-09." Federal Reserve Bank of New York Staff Reports, Number 439. Adrian, Tobias, Karin Kimbrough, and Dina Marchioni (2010). "The Federal Reserve’s Commercial Paper Funding Facility." Federal Reserve Bank of New York Staff Reports, Number 423. Adrian, Tobias and Hyun Song Shin (2009). "The Shadow Banking System: Implications for Financial Regulation." Federal Reserve Bank of New York Staff Report, Number 382. Anderson, Richard G. (2009). "Bankers Acceptances and Unconventional Monetary Policy: FAQs." Federal Reserve Bank of St. Louis Economic Synopses, No. 14. 17 Anderson, Richard G. (2009). "Bankers’ Acceptances: Yesterday’s Instrument to Restart Today's Credit Markets?" Federal Reserve Bank of St. Louis Economic Synopses, No. 5. Anderson, Richard G. and Charles S. Gascon (2009). "The Commercial Paper Market, the Fed, and the 2007-2009 Financial Crisis." Federal Reserve Bank of St. Louis Review, Vol. 91, No. 6. Anderson, Richard G. (2009). "The Curious Case of the U.S. Monetary Base." Federal Reserve Bank of St. Louis Regional Economist, Volume 13, Number 3. Anderson, Richard G. (2009). "The Success of the CPFF?" Federal Reserve Bank of St. Louis Economic Synopses, No. 18. Aubuchon, Craig P. (2009). "What's Under the TARP?" Federal Reserve Bank of St. Louis Economic Synopses, No. 20. Banternghansa, Chanont and Adrian Peralta-Alva (2009). "Has the Recent Real Estate Bubble Biased the Output Gap?" Federal Reserve Bank of St. Louis Economic Synopses, No. 45. Baxter, Thomas C., Jr. (2010). "Factors Affecting Efforts to Limit Payments to AIG Counterparties." Statement before the Committee on Oversight and Government Reform, United States House of Representatives. Baxter, Thomas C. and Sarah J. Dahlgren (2010). "The Federal Reserve Bank of New York's Involvement with AIG." Joint statement before the Congressional Oversight Panel. Bebchuk, Lucian A. (2008). "A Plan for Addressing the Financial Crisis." Harvard Law School Discussion Paper No. 620. Bebchuk, Lucian A. (2009). "Buying Troubled Assets." Harvard Law and Economics Discussion Paper No. 636. Bech, Morten L. and Elizabeth Klee (2009). "The Mechanics of a Graceful Exit: Interest on Reserves and Segmentation in the Federal Funds Market." Federal Reserve Bank of New York Staff Reports, Number 416. Bernanke, Ben S. (2010). "Aiding the Economy: What the Fed Did and Why." The Washington Post, Issue 11/4/2010. Bernanke, Ben S. (2010). "Emerging from the Crisis: Where Do We Stand?" Remarks before the Sixth European Central Bank Central Banking Conference, Frankfurt, Germany. Bernanke, Ben S. (2011). "Implementing a Macroprudential Approach to Supervision and Regulation." Federal Reserve Board of Governors Speech, May 2011. Bernanke, Ben S. (2010). "On the Implications of the Financial Crisis for Economics." Remarks at the Conference Co-sponsored by the Bendheim Center for Finance and the Center for Economic Policy Studies, Princeton, New Jersey. Bernanke, Ben S. (2010). "Rebalancing the Global Recovery." Remarks at the Sixth European Central Bank Central Banking Conference, Frankfurt, Germany. 18 Bernanke, Ben S. (2009). "Reflections on a Year of Crisis." Remarks at the Federal Reserve Bank of Kansas City Symposium: Financial Stability and Macroeconomic Policy, Jackson Hole, Wyoming. Bernanke, Ben S. (2010). "Remarks on "The Squam Lake Report: Fixing the Financial System"." Speech at the Squam Lake Conference, New York, New York. Bernanke, Ben S. (2009). "The Federal Reserve's Balance Sheet: An Update." Remarks at the Federal Reserve Board Conference on Key Developments in Monetary Economics, Washington, D.C. Bernanke, Ben S. (2010). "The Public Policy Case for a Role for the Federal Reserve in Bank Supervision and Regulation." Letter to the Committee on Banking, Housing, and Urban Affairs, U.S. Senate. Blanchard, Olivier. "Cracks in the System: Repairing the Damaged Global Economy." International Monetary Fund Finance and Development, Volume 45, Number 4. Bullard, James (2009). "As in the Past, Reform Will Follow Crisis." Federal Reserve Bank of St. Louis Regional Economist, Vol. 17, No. 3. Bullard, James (2010). "The Fed at a Crossroads." Presentation delivered at the 48th Winter Institute, St. Cloud State University, St. Cloud, Minnesota. Bullard, James (2010). "Three Lessons for Monetary Policy from the Panic of 2008." Federal Reserve Bank of St. Louis Review, Vol. 92, No. 3. Bullard, James (2010). "Will Regulatory Reform Prevent Future Crises?" Presentation delivered at the CFA Virginia Society, Richmond, Virginia. Caballero, Julian, Christopher Candelaria, and Galina Hale (2009). "Bank Relationships and the Depth of the Current Economic Crisis." Federal Reserve Bank of San Francisco Economic Letter, 2009-38. Campbell, Sean, Daniel Covitz, William Nelson, and Karen Pence (2011). "Securitization Markets and Central Banking: An Evaluation of the Term Asset-Backed Securities Loan Facility." Board of Governors of the Federal Reserve System Finance and Economics Discussion Series, 2011-16. Cecchetti, Stephen G., Marion Kohler and Christian Upper (2009). "Financial Crises and Economic Activity." Federal Reserve Bank of Kansas City Symposium: Financial Stability and Macroeconomic Policy. Chailloux, Alexandre, Simon Gray, Ulrich Klüh, Seiichi Shimizu, and Peter Stella (2008). "Central Bank Response to the 2007-08 Financial Market Turbulence: Experiences and Lessons Drawn." IMF Working Paper, Volume 2008, Issue 210. Christensen, Jens H. E., Jose A. Lopez, and Glenn D. Rudebusch (2009). "Do Central Bank Liquidity Facilities Affect Interbank Lending Rates?" Federal Reserve Bank of San Francisco Working Paper, WP 2009-13. Cociuba, Simona E. (2009). "Seeking Stability: What's Next for Banking Regulation?" Federal Reserve Bank of Dallas Economic Letter, Vol. 4, No. 3. Contessi, Silvio and Hoda El-Ghazaly (2009). "Commercial Bank Lending Data during the Crisis: Handle with Care." Federal Reserve Bank of St. Louis Economic Synopses, No. 36. 19 Crotty, James (2008). "Structural Causes of the Global Financial Crisis: A Critical Assessment of the ‘New Financial Architecture’." University of Massachusetts Amherst Working Paper, Number 2008-14. Cúrdia, Vasco and Michael Woodford. "Conventional and Unconventional Monetary Policy." Federal Reserve Bank of New York Staff Reports, Number 404. Demirgüç-Kunt, Asli and Luis Servén (2009). "Are All the Sacred Cows Dead? Implications of the Financial Crisis for Macro and Financial Policies." World Bank Policy Research Working Paper WPS4807. Demirgüç-Kunt, Asli, Enrica Detragiache, Ouarda Merrouche (2010). "Bank Capital: Lessons from the Financial Crisis." World Bank Policy Research Working Paper WPS5473. Demyanyk, Yuliya and Kent Cherny (2009). "Bank Exposure to Commercial Real Estate." Federal Reserve Bank of Cleveland Economic Trends, August 2009. Diamond, Douglas W. and Raghuram G. Rajan (2008). "The Credit Crisis: Conjectures about Causes and Remedies." American Economic Review, Vol. 99, No. 2. Duca, John V. Danielle DiMartino and Jessica J. Renier (2009). "Fed Confronts Financial Crisis by Expanding Its Role as Lender of Last Resort." Federal Reserve Bank of Dallas Economic Letter, Vol. 4, No. 2. Dudley, William C. (2010). "Lessons of the Crisis: The Implications for Regulatory Reform." Remarks at the Partnership for New York City Discussion, New York City. Dudley, William C. (2009). "Still More Lessons from the Crisis." Remarks at the Columbia University World Leaders Forum, New York City. Dudley, William C. (2009). "The Federal Reserve's Liquidity Facilities." Remarks at the Vanderbilt University Conference on Financial Markets and Financial Policy Honoring Dewey Daane, Nashville, Tennessee. Dudley, William C. (2010). "The U.S. Financial System: Where We Have Been, Where We Are and Where We Need to Go." Remarks at the Reserve Bank of Australia’s 50th Anniversary Symposium, Sydney, Australia. European Central Bank (2010). "Report on the Lessons Learned from the Financial Crisis with Regard to the Functioning of European Financial Market Infrastructures." European Central Bank Report. Fender, Ingo and Jacob Gyntelberg (2008). "Overview: Global Financial Crisis Spurs Unprecedented Policy Actions." BIS Quarterly Review, December 2008. Fisher, Richard W. (2009). "Paradise Lost: Addressing ‘Too Big to Fail’ (With Reference to John Milton and Irving Kristol)." Remarks before the Cato Institute’s 27th Annual Monetary Conference, Washington, D.C. Fisher, Richard W. (2010). "Where We Go from Here: The Crisis and Beyond." Remarks before the Eller College of Management, University of Arizona. 20 Gärtner, Manfred and Florian Jung (2009). "The Macroeconomics of Financial Crises: How Risk Premiums, Liquidity Traps and Perfect Traps Affect Policy Options." University of St. Gallen Department of Economics Working Paper Series. 2009-15. Gavin, William T. (2009). "Monetary Policy Stance: The View from Consumption Spending." Federal Reserve Bank of St. Louis Economic Synopses, No. 41. Gerlach-Kristen, Petra (2010). "The Dependence of the Financial System on Central Bank and Government Support." BIS Quarterly Review, March 2010. Glasserman, Paul and Zhenyu Wang (2009). "Valuing the Treasury’s Capital Assistance Program." Federal Reserve Bank of New York Staff Reports, Number 413. Gorton, Gary B. (2009). "Slapped in the Face by the Invisible Hand: Banking and the Panic of 2007." Federal Reserve Bank of Atlanta 2009 Financial Markets Conference: Financial Innovation and Crisis. Greenspan, Alan. "The Crisis." Brookings Papers on Economic Activity, Spring 2010. Guidolin, Massimo and Yu Man Tam (2009). "Is the Financial Crisis Over? A Yield Spread Perspective." Federal Reserve Bank of St. Louis Economic Synopses, No. 40. Hall, Robert E. and Susan E. Woodward (2008). "The Financial Crisis and the Recession: What is Happening and What the Government Should Do." Financial Crisis and Recession Blog. Harvey, Campbell R. "The Financial Crisis of 2008: What Needs to Happen after TARP." Duke University Working Paper. Haughwout, Andrew, Ebiere Okah, and Joseph Tracy. "Second Chances: Subprime Mortgage Modification and Re-Default." Federal Reserve Bank of New York Staff Reports, Number 417. Hirtle, Beverly, Til Schuermann, and Kevin Stiroh. "Macroprudential Supervision of Financial Institutions: Lessons from the SCAP." Federal Reserve Bank of New York Staff Reports, Number 409. Hoenig, Thomas M., Charles S. Morris, and Kenneth Spong (2009). "Resolution Process for Financial Companies that Pose Systemic Risk to the Financial System and Overall Economy." Federal Reserve Bank of Kansas City. Hoenig, Thomas M. (2010). "The High Cost of Exceptionally Low Rates." Remarks at the Bartlesville Chamber of Commerce Federal Reserve Forum, Bartlesville, Oklahoma. Hoshi, Takeo and Anil K. Kashyap (2008). "Will the U.S. Bank Recapitalization Succeed? Lessons from Japan." NBER Working Paper No. 14401. International Monetary Fund (2010). "United States: Financial System Stability Assessment." International Monetary Fund, IMF Country Report No. 10/247. Kashyap, Anil K., Raghuram G. Rajan and Jeremy C. Stein (2008). "Rethinking Capital Regulation." Federal Reserve Bank of Kansas City's Symposium: Maintaining Stability in a Changing Financial System. Kiff, John, Jennifer Elliott, Elias Kazarian, Jodi Scarlata, and Carolyne Spackman (2009). "Credit Derivatives: Systemic Risks and Policy Options?" IMF Working Paper, Volume 2009, Issue 254. 21 Kohn, Donald L. (2010). "Focusing on Bank Interest Rate Risk Exposure." Remarks at the Federal Deposit Insurance Corporation’s Symposium on Interest Rate Risk Management, Arlington, Virginia. Kohn, Donald L. (2010). "The Federal Reserve's Policy Actions during the Financial Crisis and Lessons for the Future." Remarks at Carlton University, Ottawa, Canada. Kohn, Donald L. (2009). "Monetary Policy Research and the Financial Crisis: Strengths and Shortcomings." Remarks at the Federal Reserve Board Conference on Key Developments in Monetary Economics, Washington, D.C. Krainer, John (2010). "Mortgage Choice and the Pricing of Fixed-Rate and Adjustable-Rate Mortgages." Federal Reserve Bank of San Francisco Economic Letter, 2010-03. Kroszner, Randall S. and William Melick (2009). "The Response of the Federal Reserve to the Recent Banking and Financial Crisis." Chicago Booth School of Business Working Paper. Lacker, Jeffrey M. (2010). "The Regulatory Response to the Financial Crisis: An Early Assessment." Remarks before the Institute for International Economic Policy and the International Monetary Fund Institute, Washington, D.C. Levine, Ross (2010). "An Autopsy of the U.S. Financial System: Accident, Suicide, or Negligent Homicide?" Brown University Working Paper. Lothian, James R. (2009). "U.S. Monetary Policy and the Financial Crisis." Federal Reserve Bank of Atlanta CenFIS Working Paper 09-01. Mankiw, N. Gregory (2010). "Questions about Fiscal Policy: Implications from the Financial Crisis of 2008-2009." Federal Reserve Bank of St. Louis Review, Vol. 92, No. 3. McCracken, Michael W. (2009). "Uncertainty About When the Fed Will Raise Interest Rates." Federal Reserve Bank of St. Louis Economic Synopses, No. 29. Mizen, Paul (2008). "The Credit Crunch of 2007-2008: A Discussion of the Background, Market Reactions, and Policy Responses." Federal Reserve Bank of St. Louis Review, Vol. 90, No. 5. The NewsHour (2009). "On the Record with Bernanke." PBS NewsHour Forum. Pellerin, Sabrina R., John R. Walter, and Patricia E. Wescott (2009). "The Consolidation of Financial Market Regulation: Pros, Cons, and Implications for the United States." Federal Reserve Bank of Richmond Working Paper 09-08. Peristiani, Stavros, Donald P. Morgan, and Vanessa Savino (2010). "The Information Value of the Stress Test and Bank Opacity." Federal Reserve Bank of New York Staff Reports, Number 460. Pozsar, Zoltan, Tobias Adrian, Adam Ashcraft, Hayley Boesky. "Shadow Banking." Federal Reserve Bank of New York Staff Reports, Number 458. Rajan, Raghuram G. (2009). "The Credit Crisis and Cycle Proof Regulation." Federal Reserve Bank of St. Louis Review, Vol. 91, No. 5. 22 Rehn, Olli (2010). "The New Shape of the Economic and the Financial Governance in the EU." Keynote address before the Institute of International Finance 2010 Annual Membership Meeting. Rosengren, Eric S. (2010). "Asset Bubbles and Systemic Risk." Speech before the Global Interdependence Center Conference: Financial Independence in the World’s Post-Crisis Capital Markets, Philadelphia, Pennsylvania. Sacasa, Noel. "Preventing Future Crises." International Monetary Fund Finance and Development, Volume 45, Number 4. Sack, Brian P. (2009). "The Fed's Expanded Balance Sheet." Remarks at the Money Marketeers of New York University, New York City. Stern, Gary H. and Ron Feldman. "Addressing TBTF by Shrinking Financial Institutions: An Initial Assessment." Federal Reserve Bank of Minneapolis The Region, June 2009. Sengupta, Rajdeep (2010). "Alt-A: The Forgotten Segment of the Mortgage Market." Federal Reserve Bank of St. Louis Review, Vol. 92, No. 1. Steindel, Charles (2009). "Implications of the Financial Crisis for Potential Growth: Past, Present, and Future." Federal Reserve Bank of New York Staff Reports, Number 408. Shirakawa, Masaaki (2009). "International Policy Response to the Financial Crisis." Federal Reserve Bank of Kansas City Symposium: Financial Stability and Macroeconomic Policy. Sarkar, Asani (2009). "Liquidity Risk, Credit Risk, and the Federal Reserve’s Responses to the Crisis." Federal Reserve Bank of New York Staff Reports, Number 389. Tarullo, Daniel K. (2009). "Confronting Too Big to Fail." Remarks to the Exchequer Club, Washington, D.C. Governor Daniel K. Tarullo. "Regulating Systemic Risk." Speech at the 2011 Credit Markets Symposium, Charlotte, North Carolina, March 2011. Tarullo, Daniel K. (2010). "Toward an Effective Resolution Regime for Large Financial Institutions." Remarks at the Symposium on Building the Financial System of the 21st Century, Armonk, New York. Taylor, John B. (2010). "Getting Back on Track: Macroeconomic Policy Lessons from the Financial Crisis." Federal Reserve Bank of St. Louis Review, Vol. 92, No. 3. Taylor, John B. (2009). "The Lack of an Empirical Rationale for a Revival of Discretionary Fiscal Policy." American Economic Review, Vol. 99, No. 2. Thomson, James B. (2009). "On Systemically Important Financial Institutions and Progressive System Mitigation." Federal Reserve Bank of Cleveland Policy Discussion Paper Number 27. Thornton, Daniel L. (2009). "Would Quantitative Easing Sooner Have Tempered the Financial Crisis and Economic Recession?" Federal Reserve Bank of St. Louis Economic Synopses, No. 37. Thornton, Daniel L. (2009). "Negating the Inflation Potential of the Fed’s Lending Programs." Federal Reserve Bank of St. Louis Economic Synopses, No. 30. 23 Jean-Claude Trichet (2009). "Credible Alertness Revisited." Federal Reserve Bank of Kansas City Symposium: Financial Stability and Macroeconomic Policy. Walsh, Carl E. (2009). "Using Monetary Policy to Stabilize Economic Activity." Federal Reserve Bank of Kansas City Symposium: Financial Stability and Macroeconomic Policy. Wang, Pengfei and Yi Wen (2009). "Speculative Bubbles and Financial Crisis." Federal Reserve Bank of St. Louis Working Paper, 2009-029A. Warsh, Kevin (2010). "It's Greek to Me." Remarks to the Atlanta Rotary Club, Atlanta, Georgia. Weber, Axel. (2011). "Challenges for Monetary Policy in EMU." Homer Jones Memorial Lecture, Federal Reserve Bank of St. Louis, St. Louis, Missouri. Wen, Yi (2009). "Can Monetary Policy Affect GDP Growth?" Federal Reserve Bank of St. Louis Economic Synopses, No. 21. Wheelock, David C. (2009). "How Not to Reduce Excess Reserves." Federal Reserve Bank of St. Louis Economic Synopses, No. 38. Willardson, Niel and LuAnne Pederson (2010). "Federal Reserve Liquidity Programs: An Update." Federal Reserve Bank of Minneapolis The Region, June 2010. Yellen, Janet L. (2009). "A View of the Economic Crisis and the Federal Reserve’s Response." Federal Reserve Bank of San Francisco Economic Letter, 2009-22. Yellen, Janet L. (2010). "Fiscal Responsibility and Global Rebalancing." Remarks at the 2010 International Counterparts Conference, New York, New York. Yellen, Janet L. (2011). "Improving the International Monetary and Financial System." Speech at the Banque de France International Symposium, Paris, France. Yellen, Janet L. (2011). "The Federal Reserve's Asset Purchase Program." Speech at the Brimmer Policy Forum, Allied Social Science Associations Annual Meeting, Denver, Colorado. Zingales, Luigi (2009). "The Future of Securities Regulation." University of Chicago Booth School of Business Research Paper No. 7.2009. 24
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