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Speech
The Great Recession
Foote, Christopher L. (2010)
Presented on September 10, 2010 at Bentley University to the Financial Planning Association of Massachusetts.
Speech , Paper 41

Speech
The egocentricity of the present (prefaced by the tale of Ruth and Emma)
Fisher, Richard W. (2008)
"In building the bridge to restore financial order and efficiency, my primary interest is to do the minimum necessary to get the job done. And no more. In so doing, my hope is that we restore the long-term faith of the millions of risk takers who make our economy so mighty." ; Remarks before a Federal Reserve Bank of Dallas Community Forum, San Antonio, Texas, April 9, 2008.
Speeches and Essays , Paper 30

Journal Article
Recovering from the housing and financial crisis
Luttrell, David; Duca, John V. (2010)
The recent recession was unusual because it stemmed from an unsustainable easing of credit standards and financing, which fueled the prior expansion but also the imbalances that led to the worst recession since the 1930s. When losses on new financial practices ended excessive lending, the economy was hit by housing and credit shocks, culminating in a financial crisis. Home construction plunged, wealth fell, credit standards tightened and financial markets seized up. ; The initial impacts of these four shocks on gross domestic product (GDP) were amplified by cyclical interactions between ...
Economic Letter , Volume 5

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

Working Paper
The dollar during the global recession: US monetary policy and the exorbitant duty
Tang, Jenny; Stavrakeva, Vania (2018-10-01)
We document that during the Global Recession, US monetary policy easings triggered the ?exorbitant duty? of the United States, the issuer of the world?s dominant currency, by causing a dollar appreciation and a transfer of wealth from the United States to the rest of the world. This dollar appreciation runs counter to the predictions of standard macroeconomic models and works through two channels: (i) a flight-to-safety effect which lowered the expected excess returns of holding safe US government debt relative to foreign debt and (ii) lowered expected future inflation in the United States ...
Working Papers , Paper 18-10

Speech
Where we go from here : the crisis and beyond (with reference to P.G. Wodehouse, John Kenneth Galbraith, Alan Greenspan and an unnamed Eller College student)
Fisher, Richard W. (2010)
Remarks before the Eller College of Management, University of Arizona, Tucson, Arizona, March 30, 2010 ; "Generally, the data indicate that we will move down the field this year at about a 3 percent clip. It is less than we had grown accustomed to in the heyday before the crisis, and it may not result in as rapid a reduction in unemployment as we would like."
Speeches and Essays , Paper 44

Working Paper
Surveying the aftermath of the storm: changes in family finances from 2007 to 2009
Mach, Traci L.; Kennickell, Arthur B.; Bucks, Brian K.; Moore, Kevin B.; Bricker, Jesse (2011)
In 2009, the Federal Reserve Board implemented a survey of families that participated in the 2007 Survey of Consumer Finances (SCF) to gain detailed information on the effects of the recent recession on all types of households. Using data from the 2007-09 SCF panel, we highlight the variation in households' financial experiences by examining the distribution of changes in families' balance sheets. Further, we use information on changes in families' saving, investing, and spending behavior to consider the potential longer-term consequences of the current recession on households' finances and ...
Finance and Economics Discussion Series , Paper 2011-17

Working Paper
Did bankruptcy reform cause mortgage default rates to rise?
White, Michelle J.; Li, Wenli; Zhu, Ning S. (2010)
This paper argues that the U.S. bankruptcy reform of 2005 played an important role in the mortgage crisis and the current recession. When debtors file for bankruptcy, credit card debt and other types of debt are discharged - thus loosening debtors' budget constraints. Homeowners in financial distress can therefore use bankruptcy to avoid losing their homes, since filing allows them to shift funds from paying other debts to paying their mortgages. But a major reform of U.S. bankruptcy law in 2005 raised the cost of filing and reduced the amount of debt that is discharged. The authors argue ...
Working Papers , Paper 10-16

Speech
Welcoming remarks : financial interdependence in the world's post-crisis capital markets : a speech for the 2010 Global Conference Series (Part III), March 3, 2010.
Plosser, Charles I. (2010-03-03)
Presented by Charles I. Plosser, President and Chief Executive Officer, Federal Reserve Bank of Philadelphia> Financial Interdependence in the World's Post-Crisis Capital Markets, Presented by the Global Interdependence Center (GIC) in partnership with the Philadelphia Council for Business Economics, the CFA Society of Philadelphia, and the Federal Reserve Bank of Philadelphia, 2010 Global Conference Series (Part III) March 3, 2010.
Speech , Paper 35

Speech
Recent developments in real estate, financial markets, and the economy: a speech at the Portland Regional Chamber of Commerce, Portland, Maine, October 10, 2007.
Rosengren, Eric S. (2007)
Presented by Eric S. Rosengren, President and Chief Executive Officer, Federal Reserve Bank of Boston, for the Portland Regional Chamber of Commerce, Portland, Maine, October 10, 2007
Speech , Paper 4

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