Innovative Federal Reserve Policies During the Great Financial Crisis

This book, Innovative Federal Policies During the Great Financial Crisis, contains discussions of unconventional monetary policies, policy changes to address systemic and payments systems risks, new macroprudential policies, the 'stretching' of the financial safety net, changes in the Fed's liquidity funding facility (the discount window), use of the Fed's balance sheet as a tool of monetary policy, and alternative means to deal with real-estate asset bubbles and potential financial instability.

The 10 chapters in this book offer a unique analysis of several innovative approaches by the Federal Reserve that contributed to the stabilization of the US economy following the Great Recession. What unique policies were implemented? Toward what goal? Were they effective? Were there unintended consequences? Additionally, but less thoroughly, events in the Euro market are also discussed, and policies (and their impact) of the ECB are critiqued.

Based on papers presented at the 91st Annual Conference of the Western Economic Association International Meetings in Portland, Oregon, 2016, Innovative Federal Policies During the Great Financial Crisis adds significantly to the debate over why innovative or unconventional policies were needed, how they were implemented and how effective they were.

Sample Chapter(s)
Chapter 1: Unconventional Monetary Policy in Theory and in Practice

Contents:

• Unconventional Monetary Policy in Theory and in Practice (Martina Cecioni, Giuseppe Ferrero, and Alessandro Secchi )
• Monetary Policy with a Large Balance Sheet: Lessons from the Financial History of the United States (Ellis W Tallman)
• The Federal Reserve's Balance Sheet as a Financial-Stability Tool (Robin Greenwood, Samuel Hanson, and Jeremy Stein)
• Lessons from the US Experience with Quantitative Easing (Eric Rosengren)
• Macroprudential Regulation: Different Strokes for Different Folks (Gillian Garcia)
• The Costs and Benefits of Shrinking the Fed's Discount Window (Harvey Rosenblum)
• Stretching the Financial Safety Net to its Breaking Point (Edward J Kane)
• Housing and Other Price Bubbles: The Buildup, the Burst, and the Impact (George G Kaufman, A G Malliaris and Richard W Nelson)
• What Caused the Great Recession in the Eurozone? (Robert L Hetzel)
• The Shadow Financial Regulatory Committee's Views on Systemic and Payments System Risks (Robert A Eisenbeis)

Readership: Finance and economics professionals, and academics and research economists.
Key Features:

• This book puts together the papers presented at a conference that offers an extremely impressive list of financial scholars and industry experts representing most of the thought leaders in financial regulation, providing an evaluation of the most significant financial regulatory changes in nearly a century and discussion of unintended consequences from recent regulatory reform
• To complement the various aspects of innovative policies discussed at the WEA conference, additional papers covering related issues and written by experts in the field were also invited for inclusion in the volume