Across the Great Divide: New Perspectives on the Financial Crisis

Edited by Martin Neil Baily and John Taylor

in Books from Hoover Institution, Stanford University

Abstract: The financial crisis of 2008 devastated the American economy and caused U.S. policymakers to rethink their approaches to major financial crises. More than five years have passed since the collapse of Lehman Brothers, but questions still persist about the best ways to avoid and respond to future financial crises. In Across the Great Divide, contributors from academia, industry, and government analyze the financial crisis of 2008: its causes, effects on the U.S. economy, and the way ahead. The expert contributors consider post-crisis regulatory policy reforms and emerging financial and economic trends, including the roles played by highly accommodative monetary policy, securitization run amok, government-sponsored enterprises (GSEs), large asset bubbles, excessive leverage, and the Federal funds rate, among other potential causes. They discuss the role played by the Federal Reserve and examine the concept of "too big to fail." And they review and assess resolution frameworks, considering experiences with Lehman Bros. and other firms in the crisis, Title II of the Dodd-Frank Act, and the Chapter 14 bankruptcy code proposal.

Date: 2014
ISBN: 978-0-8179-1784-5
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Chapters in this book:

"Too Big to Fail" from an Economic Perspective

Steve Strongin

Causes of the Financial Crisis and the Slow Recovery: A Ten-Year Perspective

John Taylor

Concluding Remarks

George P. Shultz

Designing a Better Bankruptcy Resolution

Kenneth E. Scott

Federal Reserve Policy Before, During, and After the Fall

Alan Blinder

Financial Market Infrastructure: Too Important to Fail

Darrell Duffie

Framing the TBTF Problem: The Path to a Solution

Randall D. Guynn

How Efforts to Avoid Past Mistakes Created New Ones

Sheila C. Bair and Ricardo R. Delfin

How Is the System Safer? What More Is Needed?

Martin Neil Baily and Douglas J. Elliott

Introduction - Across the Great Divide

Martin Neil Baily and John Taylor

Low Equilibrium Real Rates, Financial Crisis, and Secular Stagnation

Lawrence H. Summers

Mistakes Made and Lessons (Being) Learned: Implications for the Fed's Mandate

Peter R. Fisher

Remarks on Key Issues Facing Financial Institutions

Paul Saltzman

Rethinking Macro: Reassessing Micro-foundations

Kevin M. Warsh

Single Point of Entry and the Bankruptcy Alternative

David A. Skeel

Slow Recovery with Low Inflation

Allan Meltzer

Summary of the Commentary

Simon Hilpert

The Federal Reserve's Role: Actions Before, During, and After the 2008 Panic the Historical Context of the Great Contraction

Michael Bordo

Toward a Run-free Financial System

John Cochrane

We Need Chapter 14 - And We Need Title II

Michael S. Helfer

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