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Keywords:Financial crises 

The role of 'financial myths' in financial crises

Remarks by Eric S. Rosengren, President and Chief Executive Officer, Federal Reserve Bank of Boston, at the Boston University conference on The State of Financial Reform (panel on Lessons Learned from the Global Financial Meltdown), February 28, 2011, Boston, Massachusetts
Speech , Paper 43

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

Proceedings , Issue Sep

Journal Article
What drives changes in economic thought? Why economists study what they do - and how the crisis might change it

Related links:
Econ Focus , Volume 15 , Issue 1Q , Pages 12-17, 38

Working Paper
Securitization markets and central banking: an evaluation of the term asset-backed securities loan facility

In response to the near collapse of US securitization markets in 2008, the Federal Reserve created the Term Asset-Backed Securities Loan Facility, which offered non-recourse loans to finance investors' purchases of certain highly rated asset-backed securities. We study the effects of this program and find that it lowered interest rate spreads for some categories of asset-backed securities but had little impact on the pricing of individual securities. These findings suggest that the program improved conditions in securitization markets but did not subsidize individual securities. We also find ...
Finance and Economics Discussion Series , Paper 2011-16

Beyond the crisis: reflections on the challenges

Remarks at the Foreign Policy Association Corporate Dinner, New York City
Speech , Paper 8

Working Paper
The Federal Reserve’s response to the financial crisis: what it did and what it should have done

This paper analyzes the Federal Reserve?s major policy actions in response to the financial crisis. The analysis is divided into the pre-Lehman and post-Lehman monetary policies. Specifically, I describe the pre- and post-Lehman monetary policy actions that I believe were appropriate and those that were not. I then describe the monetary policy actions the Fed should have taken and why those actions would have fostered better financial market and economic outcomes. Had these actions been taken, the Fed?s balance sheet would have returned to normal and the FOMC?s target for the federal funds ...
Working Papers , Paper 2012-050

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.
Economic Letter , Volume 3

Working Paper
The cost of banking panics in an age before “Too Big to Fail”

How costly were the banking panics of the National Banking Era (1861-1913)? I combine two hand-collected data sets - the weekly statements of the New York Clearing House banks and the monthly holding period return of every stock listed on the NYSE - to estimate the cost of banking panics in an era before ?too big to fail.? The bank statements allow me to construct a hypothetical insurance contract which would have allowed investors to insure against sudden deposit withdrawals and the cross-section of stock returns allow us to draw inferences about the marginal utility during panic states. ...
Working Paper Series , Paper WP-2011-15



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