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

David Zalewski

Journal of Economic Issues, 2011, vol. 45, issue 2, 373-380

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.

Date: 2011
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Persistent link: https://EconPapers.repec.org/RePEc:mes:jeciss:v:45:y:2011:i:2:p:373-380

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DOI: 10.2753/JEI0021-3624450214

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