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The Fed and Lehman Brothers: Introduction and Summary

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  • Laurence Ball

Abstract

Why did the Federal Reserve let Lehman Brothers fail? Fed officials say they lacked the legal authority to rescue the firm, because it did not have adequate collateral to borrow the cash it needed. This paper summarizes a monograph that disputes officials’ claims (Ball, 2016). These claims are incorrect in two senses: a perceived lack of legal authority was not why the Fed did not rescue Lehman; and the Fed did in fact have the authority for a rescue.

Suggested Citation

  • Laurence Ball, 2016. "The Fed and Lehman Brothers: Introduction and Summary," NBER Working Papers 22410, National Bureau of Economic Research, Inc.
  • Handle: RePEc:nbr:nberwo:22410
    Note: ME
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    File URL: http://www.nber.org/papers/w22410.pdf
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    Cited by:

    1. repec:liu:liucej:v:15:y:2018:i:2:p:293-314 is not listed on IDEAS
    2. Mark A. Carlson & Marco Macchiavelli, 2018. "Emergency Collateral Upgrades," Finance and Economics Discussion Series 2018-078, Board of Governors of the Federal Reserve System (US).
    3. repec:eee:dyncon:v:81:y:2017:i:c:p:50-64 is not listed on IDEAS

    More about this item

    JEL classification:

    • E52 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Monetary Policy
    • E58 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Central Banks and Their Policies
    • E65 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Studies of Particular Policy Episodes

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