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Journal Article
Fed intervention: managing moral hazard in financial crises
At the end of September 2008, U.S. policymakers had been working for more than a year to contain the shock waves from plunging home prices and the subsequent financial market turmoil. For the Federal Reserve, the crisis has given new meaning to the adage that extraordinary times call for extraordinary measures. The central bank has dusted off Depression-era powers and rewritten old rules to address serious risks to the global financial system.
Journal Article
Interest rate volatility in historical perspective
Journal Article
Money and inflation in a deregulated financial environment
Journal Article
Deregulation of the financial sector
Journal Article
Growth in the U.S. economy depends on stronger consumer spending
Journal Article
Bank and nonbanks: The horse race continues
Journal Article
Why Social Security should be privatized
Journal Article
From complacency to crisis: financial risk taking in the early 21st century
During the first half of this decade, the belief that new financial products would adequately shield investors from risk encouraged financial flows to less creditworthy households and businesses. By late 2006, U.S. financial markets were flashing warning signals of a potential financial crisis. ; In a sign that investors had become too complacent, risk premiums had all but vanished in junk bond and emerging-market interest rate spreads. Then, conditions changed abruptly. In the important and usually stable market for asset-backed commercial paper, premiums on three-month paper over Treasury ...
Journal Article
Bankers and nonbanks: a run for the money
Report
Choosing the road to prosperity: why we must end too big to fail—now
The too-big-to-fail institutions that amplified and prolonged the recent financial crisis remain a hindrance to full economic recovery and to the very ideal of American capitalism. It is imperative that we end TBTF.