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Speech
Rebalancing the global recovery: a speech at the Sixth European Central Bank Central Banking Conference, Frankfurt, Germany, November 19, 2010
Bernanke, Ben S. (2010)
Speech , Paper 555

Journal Article
Risk of Business Insolvency during Coronavirus Crisis
Kwan, Simon H.; Friesenhahn, Sophia M. (2020-10-05)
Many businesses had amassed high levels of debt, or leverage, before the COVID-19 pandemic. Out of precaution or necessity, firms increased their borrowing further after the onset. Although the shock to those firms’ value significantly increased their risk, measured by their distance-to-default, the default risk remains relatively small for most corporate debt. Nevertheless, the amount of outstanding liabilities among firms with elevated risk of insolvency is more than two times higher than at the peak of the global financial crisis.
FRBSF Economic Letter , Volume 2020 , Issue 30 , Pages 01-05

Working Paper
The great trade collapse of 2008-2009: an inventory adjustment?
Midrigan, Virgiliu; Kaboski, Joseph P.; Alessandria, George (2010)
This paper examines the role of inventories in the decline of production, trade, and expenditures in the US in the economic crisis of late 2008 and 2009. Empirically, the authors show that international trade declined more drastically than trade-weighted production or absorption and there was a sizeable inventory adjustment. This is most clearly evident for autos, the industry with the largest drop in trade. However, relative to the magnitude of the US downturn, these movements in trade are quite typical. The authors develop a two-country general equilibrium model with endogenous inventory ...
Working Papers , Paper 10-18

Discussion Paper
Why did so many people make so many ex post bad decisions?: the causes of the foreclosure crisis
Willen, Paul S.; Gerardi, Kristopher S.; Foote, Christopher L. (2012)
This paper presents 12 facts about the mortgage market. The authors argue that the facts refute the popular story that the crisis resulted from financial industry insiders deceiving uninformed mortgage borrowers and investors. Instead, they argue that borrowers and investors made decisions that were rational and logical given their ex post overly optimistic beliefs about house prices. The authors then show that neither institutional features of the mortgage market nor financial innovations are any more likely to explain those distorted beliefs than they are to explain the Dutch tulip bubble ...
Public Policy Discussion Paper , Paper 12-2

Speech
Could a systemic regulator have seen the current crisis?
Rosengren, Eric S. (2009)
Presentation by Eric S. Rosengren, President and Chief Executive Officer, Federal Reserve Bank of Boston, for The Seoul International Financial Forum 2009, Seoul, Korea, April 15, 2009
Speech , Paper 25

Working Paper
Financial statistics for the United States and the crisis: what did they get right, what did they miss, and how should they change?
Palumbo, Michael G.; Kohn, Donald L.; Eichner, Matthew J. (2010)
Although the instruments and transactions most closely associated with the financial crisis of 2008 and 2009 were novel, the underlying themes that played out in the crisis were familiar from previous episodes: Competitive dynamics resulted in excessive leverage and risk-taking by large, interconnected firms, in heavy reliance on short-term sources of funding to finance long-term and ultimately terribly illiquid positions, and in common exposures being shared by many major financial institutions. Understandably, in the wake of the crisis, financial supervisors and policymakers want to obtain ...
Finance and Economics Discussion Series , Paper 2010-20

Working Paper
Cross-country causes and consequences of the crisis: an update
Spiegel, Mark M.; Rose, Andrew K. (2011)
We update Rose and Spiegel (2010a, b) and search for simple quantitative models of macroeconomic and financial indicators of the "Great Recession" of 2008-09. We use a cross-country approach and examine a number of potential causes that have been found to be successful indicators of crisis intensity by other scholars. We check a number of different indicators of crisis intensity, and a variety of different country samples. While countries with higher income and looser credit market regulation seemed to suffer worse crises, we find few clear reliable indicators in the pre-crisis data of the ...
Working Paper Series , Paper 2011-02

Journal Article
The Term Auction Facility’s effectiveness in the financial crisis of 2007–09
Wu, Tao (2010)
During the global financial crisis of 2007-2009, financial markets experienced tremendous strains, and the cost of short-term funding rose sharply. In response, several central banks around the world created new lending facilities to quickly provide liquidity to the banking sector and improve market functioning. The list includes the European Central Bank, Bank of England, Bank of Canada and Swiss National Bank. On Dec. 12, 2007, the Federal Reserve established its version?the term auction facility (TAF). ; Researchers have yet to reach a consensus on the effectiveness of such facilities. ...
Economic Letter , Volume 5

Journal Article
Can the nation stimulate its way to prosperity?
Saving, Jason L. (2010-08)
While the overall weight of the evidence suggests the stimulas plan has provided a short-term boost, it's unclear exactly how large this boost has been.
Economic Letter , Volume 5 , Issue 8

Speech
Economic outlook : a speech at the Delaware State Chamber of Commerce, DuPont Country Club, Wilmington, Delaware, May 7, 2010
Plosser, Charles I. (2010-05-07)
Presented by Charles I. Plosser, President and Chief Executive Officer, Federal Reserve Bank of Philadelphia> Delaware State Chamber of Commerce, DuPont Country Club, Wilmington, Delaware, May 7, 2010
Speech , Paper 39

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