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Keywords:Financial crises 

Working Paper
Pricing systemic crises: monetary and fiscal policy when savers are uncertain

The return on assets depends on the joint behavior of all savers; if all sell the asset simultaneously, then there will be a financial "Armageddon." We assume that risk-neutral savers' information about aggregate investment is too vague to form precise probability estimates, so they have Knightian uncertainty, and thus act to maximize their minimum payoff. Savers invest in a risky asset (economy-wide production) and in a riskless asset (government bonds). In times of high uncertainty, savers hold too many government bonds, lowering output. A monetary policy of lowering the risk-free rate ...
Finance and Economics Discussion Series , Paper 1999-33

Report
The changing nature of financial intermediation and the financial crisis of 2007-09

The financial crisis of 2007-09 highlighted the changing role of financial institutions and the growing importance of the "shadow banking system," which grew out of the securitization of assets and the integration of banking with capital market developments. This trend was most pronounced in the United States, but it also had a profound influence on the global financial system as a whole. In a market-based financial system, banking and capital market developments are inseparable, and funding conditions are tied closely to fluctuations in the leverage of market-based financial intermediaries. ...
Staff Reports , Paper 439

Journal Article
Open and operating: providing liquidity to avoid a crisis

The terrorist attacks of 9/11 triggered a staggering increase in demand for U.S. dollars all over the world, a demand that threatened to disrupt the American payments system but was met swiftly and successfully by the Federal Reserve. Earlier in the nation?s history, the system didn?t respond so well to severe shocks. This Commentary describes financial crises that occurred during one period in which the country had no central bank.
Economic Commentary , Issue Feb

Working Paper
Financial crises and bank failures: a review of prediction methods

In this article we analyze financial and economic circumstances associated with the U.S. subprime mortgage crisis and the global financial turmoil that has led to severe crises in many countries. We suggest that the level of cross-border holdings of long-term securities between the United States and the rest of the world may indicate a direct link between the turmoil in the securitized market originated in the United States and that in other countries. We provide a summary of empirical results obtained in several Economics and Operations Research papers that attempt to explain, predict, or ...
Working Papers (Old Series) , Paper 0904

Working Paper
The impact of monetary policy on exchange rates during financial crises

This paper addresses the impact of monetary policy on exchange rates during financial crises. Some observers have argued that a tightening of monetary policy is necessary to stabilize the exchange rate, restore confidence, and lay the groundwork for an eventual recovery of economic activity. Others have argued that by raising interest rates (which reduces the ability of borrowers to repay loans and thereby weakens the banking system), tightening may further reduce investor confidence and lead to further weakening--not strengthening--of domestic currencies. ; This debate, which became highly ...
International Finance Discussion Papers , Paper 669

Speech
Will regulatory reform prevent future crises?

Delivered at the CFA Virginia Society, Richmond, Virginia.
Speech , Paper 147

Conference Paper
Maintaining stability in a changing financial system: an introduction to the Bank's 2008 Economic Symposium

Proceedings - Economic Policy Symposium - Jackson Hole

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Bernanke, Ben S. 26 items

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Financial crises 579 items

Monetary policy 86 items

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