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Fed intervention: managing moral hazard in financial crises


  • Harvey Rosenblum
  • Danielle DiMartino
  • Jessica Renier
  • Richard Alm


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.

Suggested Citation

  • Harvey Rosenblum & Danielle DiMartino & Jessica Renier & Richard Alm, 2008. "Fed intervention: managing moral hazard in financial crises," Economic Letter, Federal Reserve Bank of Dallas, vol. 3(oct).
  • Handle: RePEc:fip:feddel:y:2008:i:oct:n:v.3no.10

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