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What Lessons Can We Learn from the Boom and Turmoil?

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  • Jeffrey M. Lacker

Abstract

The theme of this conference — “Lessons Learned from the Subprime Crisis” — appears to be a timely one, but there have been several times during the past year when I thought it was a good time to initiate projects to identify “lessons learned,” only to discover that the “crisis” was not yet over.1 I sincerely hope that this conference does turn out to be timely, in the sense that we truly are past the peak of the current turmoil. This episode undoubtedly will inspire a great deal of research in the years ahead, and it may take some time before anything like a professional consensus emerges on causes and consequences. After all, it took several decades to document the causes of the Great Depression, and recent research continues to provide new perspectives.2 Nonetheless, I believe the central questions that are likely to occupy researchers are plainly in view, and some tentative lessons have emerged already. And in any event, legislators are not likely to await the fruits of future scholarship.
(This abstract was borrowed from another version of this item.)

Suggested Citation

  • Jeffrey M. Lacker, 2009. "What Lessons Can We Learn from the Boom and Turmoil?," Cato Journal, Cato Journal, Cato Institute, vol. 29(1), pages 53-63, Winter.
    • Handle: RePEc:cto:journl:v:29:y:2009:i:1:p:53-63
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    References listed on IDEAS

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    1. Cecchetti, Stephen G, 1992. "Prices during the Great Depression: Was the Deflation of 1930-1932 Really Unanticipated?," American Economic Review, American Economic Association, vol. 82(1), pages 141-156, March.
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    1. Rincón, Hernán & Velasco, Andrés M. (ed.), 2013. "Flujos de capitales, choques externos y respuestas de política en países emergentes," Books, Banco de la Republica de Colombia, number 2013-09, June.
    2. Krishnan Sharma, 2012. "Financial sector compensation and excess risk-taking—a consideration of the issues and policy lessons," Working Papers 115, United Nations, Department of Economics and Social Affairs.
    3. Zárate-Perdomo, Juan Pablo & Cobo-Serna, Adolfo León & Gómez-González, José Eduardo, 2013. "Lecciones de las crisis financieras recientes para diseñar y ejecutar la política monetaria y la financiera en Colombia," Chapters, in: Rincón-Castro, Hernán & Velasco, Andrés M. (ed.), Flujos de capitales, choques externos y respuestas de política en países emergentes, chapter 17, pages 645-674, Banco de la Republica de Colombia.
    4. Juan Pablo Zárate Perdomo & Adolfo León Cobo & José Eduardo Gómez-González, 2012. "Lecciones de las crisis financieras recientes para el diseño e implementación de las políticas monetarias," Revista ESPE - Ensayos sobre Política Económica, Banco de la Republica de Colombia, vol. 30(69), pages 258-293, December.

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    More about this item

    JEL classification:

    • R00 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - General - - - General
    • Z0 - Other Special Topics - - General

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