Special Report on
Rollover Risk and Market Freezes∗
Rollover Risk and Market Freezes∗ - Trends
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In a lecture at the London School of Economics on January 13, 2009, Federal Reserve Chairman Ben Bernanke added some clarity to the Fed’s policy response to the current financial crisis. Against the backdrop of its traditional policy tools—changes to the federal funds rate target and loans made through the discount window—the chairman described a framework for understanding the new tools that have been created and employed to support credit markets and restore their functioning. These tools, he pointed out, enable the Fed to respond aggressively to the crisis even though the federal funds rate stands near zero.
The global financial crisis that emerged in mid 2007 has caused considerable economic disruptions in the United States and elsewhere, and exposed major flaws in the global financial system. After examining the origins of the crisis, this paper recommends specific policy responses to resolve the immediate problems and discusses how to make the US financial system more resilient and stable in the future.
Surmonter la crise financière
La crise financière qui a éclaté à la mi-2007 a provoqué des perturbations économiques considérables aux États-Unis et ailleurs, et révélé des failles ... Read More
SURVEY RESULTS FOR
ROLLOVER RISK AND MARKET FREEZES∗
Argentina's Economic Recovery: Four Years After the Meltdown
JCCC Board of Trustees 5-21-2009