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Too Important to Fail: A Reconsideration of the Lender of Last Resort Function

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  • David Zalewski

Abstract

Despite unprecedented lender-of-last-resort efforts by the Federal Reserve and the Treasury Department, the U.S. economy continues to be plagued by high levels of unemployment and foreclosures. Although several proposals to address these problems have been developed, their reactive nature limits their potential effectiveness. This paper describes how combining an employer-of-last-resort program with Treasury-financed mortgage mitigation initiatives could enhance economic stabilization.

Suggested Citation

  • David Zalewski, 2011. "Too Important to Fail: A Reconsideration of the Lender of Last Resort Function," Journal of Economic Issues, Taylor & Francis Journals, vol. 45(2), pages 373-380.
    • Handle: RePEc:mes:jeciss:v:45:y:2011:i:2:p:373-380
    DOI: 10.2753/JEI0021-3624450214
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    Cited by:

    1. Berger, Lawrence M. & Collins, J. Michael & Smeeding, Timothy M., 2015. "Exiting or retaining owner-occupied housing in the United States 1999–2009: How do social programs matter?," Children and Youth Services Review, Elsevier, vol. 57(C), pages 112-126.
    2. Timothy A. Wunder, 2016. "Setting a Principal to Interest Cap on the Issuance of Home Mortgages: a Proposed Change to Mortgage Underwriting Rules Designed to Control Housing Price Inflation," World Economic Review, World Economics Association, vol. 2016(6), pages 1-86, February.

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