"After the financial crisis of 2007-2008, analysts continue to question the security of banking sectors in nations in Europe, Latin America, Asia, and Africa. Why do such crises recur? What is it about the accumulation of bank debt that potentially jeopardizes national and global banking...

The paper extends previous work on the information in the term structure about future real economic growth. For the U.S. and Germany, and to a lesser extent for the U.K., we find evidence that the long end of the term structure has information about future growth of industrial production beyond...

A financial crisis is an event in which the holders of short-term debt come to question the collateral backing that debt. So, the resiliency of the financial system depends on the quality of that collateral. We show that there is a shortage of high-quality collateral by examining the convenience...

To end a financial crisis, the central bank is to lend freely, against good collateral, at a high rate, according to Bagehot's Rule. We argue that in theory and in practice there is a missing ingredient to Bagehot's Rule: secrecy. Re-creating confidence requires that the central bank lend in...

A financial crisis is an event in which the holders of short-term debt come to question the collateral backing that debt. So, the resiliency of the financial system depends on the quality of that collateral. We show that there is a shortage of high-quality collateral by examining the convenience...

All economists should be conversant with "what happened?" during the financial crisis of 2007-2009. We select and summarize 16 documents, including academic papers and reports from regulatory and international agencies. This reading list covers the key facts and mechanisms in the build-up of...

All economists should be conversant with “what happened?” during the financial crisis of 2007-2009. We select and summarize 16 documents, including academic papers and reports from regulatory and international agencies. This reading list covers the key facts and mechanisms in the build-up of...