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The Federal Reserve and the Financial Crisis

Author

Listed:
  • Ben S. Bernanke

    (U.S. Federal Reserve)

Abstract

In 2012, Ben Bernanke, chairman of the U.S. Federal Reserve, gave a series of lectures about the Federal Reserve and the 2008 financial crisis, as part of a course at George Washington University on the role of the Federal Reserve in the economy. In this unusual event, Bernanke revealed important background and insights into the central bank's crucial actions during the worst financial crisis since the Great Depression. Taken directly from these historic talks, The Federal Reserve and the Financial Crisis offers insight into the guiding principles behind the Fed's activities and the lessons to be learned from its handling of recent economic challenges. Bernanke traces the origins of the Federal Reserve, from its inception in 1914 through the Second World War, and he looks at the Fed post-1945, when it began operating independently from other governmental departments such as the Treasury. During this time the Fed grappled with episodes of high inflation, finally tamed by then-chairman Paul Volcker. Bernanke also explores the period under his predecessor, Alan Greenspan, known as the Great Moderation. Bernanke then delves into the Fed's reaction to the recent financial crisis, focusing on the central bank's role as the lender of last resort and discussing efforts that injected liquidity into the banking system. Bernanke points out that monetary policies alone cannot revive the economy, and he describes ongoing structural and regulatory problems that need to be addressed. Providing first-hand knowledge of how problems in the financial system were handled, The Federal Reserve and the Financial Crisis will long be studied by those interested in this critical moment in history.

Suggested Citation

  • Ben S. Bernanke, 2013. "The Federal Reserve and the Financial Crisis," Economics Books, Princeton University Press, edition 1, number 9928.
  • Handle: RePEc:pup:pbooks:9928
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    Citations

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    Cited by:

    1. Michael D. Bordo & Pierre L. Siklos, 2015. "Central Bank Credibility: An Historical and Quantitative Exploration," NBER Working Papers 20824, National Bureau of Economic Research, Inc.
    2. Arteta, Carlos & Kose, Ayhan & Stocker, Marc & Taskin, Temel, 2016. "Negative Interest Rate Policies: Sources and Implications," CEPR Discussion Papers 11433, C.E.P.R. Discussion Papers.
    3. Thomas F. Cargill, 2014. "The Role of the State in Finance and Money: Implications for Economic Stability," Journal of Private Enterprise, The Association of Private Enterprise Education, vol. 29(Fall 2014), pages 29-42.
    4. Brendan Brown, 2016. "The Global 2 % Inflation Standard – How Will it End?," Atlantic Economic Journal, Springer;International Atlantic Economic Society, vol. 44(2), pages 183-196, June.
    5. Michael Bordo & Pierre Siklos, 2014. "Central Bank Credibility, Reputation and Inflation Targeting in Historical Perspective," NBER Working Papers 20693, National Bureau of Economic Research, Inc.
    6. Grossman, Richard & Rockoff, Hugh T, 2015. "Fighting the Last War: Economists on the Lender of Last Resort," CEPR Discussion Papers 10361, C.E.P.R. Discussion Papers.
    7. Harvey, David I. & Leybourne, Stephen J. & Sollis, Robert, 2017. "Improving the accuracy of asset price bubble start and end date estimators," Journal of Empirical Finance, Elsevier, vol. 40(C), pages 121-138.
    8. Clark Johnson, 2017. "Reasserting Monetary Policy: Sumner¡¯s Nominal GDP Targeting and Beyond," Applied Economics and Finance, Redfame publishing, vol. 4(2), pages 20-32, March.
    9. De Koning, Kees, 2016. "Collective Household Economics: Why borrowers rather than banks should have been rescued!," MPRA Paper 68990, University Library of Munich, Germany.
    10. Hong Chen & Murray Frank, 2016. "Are Direct Investments by the Federal Reserve a Good Idea? A Corporate Finance Perspective," Quarterly Journal of Finance (QJF), World Scientific Publishing Co. Pte. Ltd., vol. 6(03), pages 1-48, September.
    11. Stijn Claessens & M. Ayhan Kose, 2017. "Asset prices and macroeconomic outcomes: A survey," CAMA Working Papers 2017-76, Centre for Applied Macroeconomic Analysis, Crawford School of Public Policy, The Australian National University.
    12. Christopher E.S. WARBURTON & Richard BOOSE, 2015. "Monetary Policy, Financial Risk Mitigation And Unemployment In The United States," Applied Econometrics and International Development, Euro-American Association of Economic Development, vol. 15(2), pages 81-98.
    13. Giovanna Vertova, 2014. "What’s gender got to do with the Great Recession? The Italian case," Chapters,in: The Great Recession and the Contradictions of Contemporary Capitalism, chapter 11, pages 189-207 Edward Elgar Publishing.
    14. repec:bla:metroe:v:68:y:2017:i:3:p:425-464 is not listed on IDEAS
    15. Esteban Ramon Perez Caldentey, 2017. "Quantitative easing, changes in global liquidity and financial instability," Working Papers PKWP1701, Post Keynesian Economics Study Group (PKSG).
    16. Ferrari, Massimo, 2014. "The financial meltdown: a model with endogenous default probability," MPRA Paper 59419, University Library of Munich, Germany.
    17. Adrian, Tobias, 2015. "Discussion of “Systemic Risk and the Solvency-Liquidity Nexus of Banks”," Staff Reports 722, Federal Reserve Bank of New York.

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