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2015
This paper reviews some of the most prominent asset price bubbles from the past 400 years and documents how central banks (or other institutions) reacted to those bubbles. The historical evidence suggests that the emergence of bubbles is often preceded or ...
Alan Blinder
2015
This article comes in three parts. Part 1 reviews a few pertinent facts about the stunning economic events that have occurred in the United States (and elsewhere) since 2007. The author chose these particular facts from among many for their relevance to ...
2015
The rescue of the US automobile industry amid the 2008-2009 recession and financial crisis was a consequential, controversial, and difficult decision to make at a fraught moment for the US economy. Both of us were involved in the decision process at the ...
Alan Blinder
2014
Correspondingly, my evaluations of the Federal Reserve’s policy actions are dramatically different pre- and post- Lehman Day. In brief, the Fed deserves mixed but rather poor grades for the years and days leading up to (and including) the fateful Lehman ...
2014
The recent financial crisis and the difficulty of using mainstream macroeconomic models to accurately monitor and assess systemic risk have stimulated new analyses of how we measure economic activity and the development of more sophisticated models in ...
2014
Seit der Finanz- und Wirtschaftskrise ist die Staatsverschuldung einiger Euroländer so stark gestiegen wie nie zuvor. Und eine glaubhafte Konsolidierungsstrategie ist nicht in Sicht. Im Gegenteil, vermehrt wird sogar eine Lockerung der Sparpolitik ...
2014
This paper develops a framework for measuring, allocating and managing systemic risk. SystRisk, our measure of total systemic risk, captures the a priori cost to society for providing tail-risk insurance to the financial system. Our allocation principle ...
Alan Blinder
2014
The worst financial crisis since the 1930s changed academic, financial, regulatory, and political thinking in many ways. One is the realization that we allowed (or maybe even enabled) financial market participants to construct a system that was amazingly ...
Harold James
2014
There are some striking similarities between the pre 1914 gold standard and EMU today. Both arrangements are based on fixed exchange rates, monetary and fiscal orthodoxy. Each regime gave easy access by financially underdeveloped peripheral countries to ...
2014
This article studies the full equilibrium dynamics of an economy with financial frictions. Due to highly nonlinear amplification effects, the economy is prone to instability and occasionally enters volatile crisis episodes. Endogenous risk, driven by ...