G2TT
来源类型Discussion paper
规范类型论文
来源IDDP13373
DP13373 A retrospective on the subprime crisis and its aftermath ten years after Lehman’s collapse
Alex Cukierman
发表日期2018-12-07
出版年2018
语种英语
摘要This paper reviews the interactions between policymaking, the financial system and the U.S. economy before, during and after the subprime crisis with particular attention to current controversies about the policy decisions that led to Lehman’s downfall and their lessons for the future. The first part of the paper documents and analyzes the interactions between policy, financial markets and the economy during the acute and subsequent moderate phases of the crisis as well as during the later gradual exit from the zero lower bound and the extremely slow reduction in high powered money and bank reserves. The remaining parts develop alternative aspects of the thesis that mutual uncertainties inflicted by financial institutions on policymakers and by the latter on financial markets were at the root of the non-negligible surprises that the crisis inflicted on everybody. In particular, it discusses the political economy of bailout operations, reviews and evaluates recent controversies about the reasons for not rescuing Lehman Brothers and present informally the structure and policy lessons from a general equilibrium model of the financial sector which highlights the consequences of policy actions that have raised (Knightian) bailout uncertainty. The last section takes a brief look ahead and discusses some longer term consequences of the crisis.
主题Financial Economics ; International Macroeconomics and Finance ; Monetary Economics and Fluctuations
关键词Uncertainty Bailouts Banks’ reserves Credit monetary policy Exit Financial crisis
URLhttps://cepr.org/publications/dp13373
来源智库Centre for Economic Policy Research (United Kingdom)
资源类型智库出版物
条目标识符http://119.78.100.153/handle/2XGU8XDN/542184
推荐引用方式
GB/T 7714
Alex Cukierman. DP13373 A retrospective on the subprime crisis and its aftermath ten years after Lehman’s collapse. 2018.
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