Tuesday, November 4, 2014

Across the Great Divide

Across the Great Divide: New Perspectives on the Financial Crisis is published. This is the book form of the joint Brookings-Hoover conference on the financial crisis, organized by Martin Baily and John Taylor.  The link allows you to download the whole thing as pdf for free, or buy the book.

There will be a webcast book event on Wed Nov 5, from the Hoover Institution's Washington D. C. offices, also available after the fact at that link.

My "Toward a Run-Free Financial System" is in it, in published form, also available on my webpage.

Larry Summers' Low Equilibrium Real Rates,  Financial Crisis, and Secular Stagnation is an interesting read in his evolving case for "secular stagnation," which I'm sure will get a lot of attention.

But lots of the other papers are really interesting as well.
Previous posts on this interesting conference here and on the Summers speech here.

The rest of the table of contents:

By Martin Neil Baily and John B. Taylor

Chapter 1: How Efforts to Avoid Past Mistakes Created New Ones: Some Lessons from the Causes and Consequences of the Recent Financial Crisis
by Sheila C. Bair and Ricardo R. Delfin

Chapter 2: Low Equilibrium, Real Rates, Financial Crisis, and Secular Stagnation
By Lawrence H. Summers

Chapter 3: Causes of the Financial Crisis and the Slow Recovery: A Ten-Year Perspective
By John B. Taylor

Chapter 4: Rethinking Macro: Reassessing Micro-foundations
By Kevin M. Warsh

Chapter 5: The Federal Reserve Policy, Before, During, and After the Fall
By Alan S. Blinder

Chapter 6: The Federal Reserve's Role: Actions Before, During, and After the 2008 Panic in the Historical Context of the Great Contraction
By Michael D. Bordo

Chapter 7: Mistakes Made and Lesson (Being) Learned: Implications for the Fed's Mandate
By Peter R. Fisher

Chapter 8: A Slow Recovery with Low Inflation
By Allan H. Meltzer

Chapter 9: How Is the System Safer? What More Is Needed?
By Martin Neil Baily and Douglas J. Elliot

Chapter 10: Toward a Run-free Financial System
By John H. Cochrane

Chapter 11: Financial Market Infrastructure: Too Important to Fail
By Darrell Duffie

Chapter 12: "Too Big to Fail" from an Economic Perspective
By Steve Strongin

Chapter 13: Framing the TBTF Problem: The Path to a Solution
By Randall D. Guynn

Chapter 14: Designing a Better Bankruptcy Resolution
By Kenneth E. Scott

Chapter 15: Single Point of Entry and the Bankruptcy Alternative
By David A. Skeel Jr.

Chapter 16: We Need Chapter 14—And We Need Title II
Michael S. Helfer

Remarks on Key Issues Facing Financial Institutions
Paul Saltzman

Concluding Remarks
George P. Shultz

Summary of the Commentary
Simon Hilpert


  1. John,

    Simple question - what is a bank?

  2. John,

    Are you familiar with the primary dealer arrangement? Have you contemplated how a Pigouvian tax on short term borrowing would affect the buy side in Treasury bond auctions? Do you really believe any bank or other business would sell equity shares to buy the debt of the Federal Government?


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