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Palgrave Macmillan

The Financial Crisis and Federal Reserve Policy

ISBN 9780230108462
Publication Date February 2011
Formats Hardcover Ebook (EPUB) Ebook (PDF) 
Publisher Palgrave Macmillan

Written for the motivated non-specialist, this work provides the most clear and thorough coverage available of the causes and consequences of the Great Financial Crisis and the role of the Federal Reserve in preventing it from escalating into a massive depression a la the 1930s.

The Great Recession that followed the popping of the dual credit and housing bubbles deprived more than 8 million Americans of their jobs and triggered a per capita loss of income of more $6,000 in 2008 and 2009 alone.  This work provides a clear and comprehensive explanation of the myriad forces that combined to create the bubbles that were the source of the economic contraction.  It retraces the chain reaction that took place as these bubbles deflated.  The channels through which the crisis spilled over to produce the Great Recession are carefully laid out. The book is unique in thoroughly contrasting the Federal Reserve's brilliant implementation of policies that saved us from disaster in the recent crisis with its inept behavior that strongly contributed to the Great Depression of the 1930s.

LLOYD B. THOMAS Professor of Economics and Department Head at Kansas State University, USA. He has served as a visiting professor at the University of California-Berkeley, University of Delaware, and Indiana University-Bloomington and work has appeared in Economic Letters, Journal of Economic Perspectives, Business Economics, and Quarterly Review of Economics and Finance.

Financial Crises:  An Overview
The Nature of Banking Crises
The Panic of 1907 and the Savings and Loan Crisis
Development of the Housing and Credit Bubbles
Bursting of the Twin Bubbles
The Great Crisis and the Great Recession of 2007-2009
The Framework of Federal Reserve Monetary Control
Federal Reserve Policy in the Great Depression
The Federal Reserve's Response to the Great Crisis
The Federal Reserve's Exit Strategy and the Threat of Inflation
The Taylor Rule and Evaluation of U.S. Monetary Policy
Regulatory Reform Proposals


"Explores crucial questions surrounding the Great Crisis of 2007-09, its relationship to other financial crises, and the role of the Federal Reserve in the crisis and recovery." - Journal of Economic Literature
'I've read many books on the Financial Crisis. Lloyd Thomas's book, quite simply, is the best. It doesn't simply describe what happened. It explains what happened. And it explains what needs to be done to prevent it from happening again.' - Laurence Seidman, Chaplin Tyler Professor of Economics, University of Delaware
'Thomas provides a comprehensive and dispassionate analysis of the Great Crisis of 2007-2009. Exceptionally well written and researched, the author provides insights into the most severe economic challenge in the U.S. and much of the rest of the world in 75 years. The book has much to offer to professional economists, financial experts, and policy makers, as well as the general citizens who were affected by the severe downturn, housing market collapse, and financial system's near meltdown. The prominent and effective role of the Federal Reserve is the unappreciated story in the Great Crisis and is in sharp contrast to the Fed's performance in the Great Depression of the 1930's. This book is destined to be one of the most thoughtful, independent, and insightful analyses of the Great Crisis. ' - Bruce Jaffee, Professor of Business Economics and Public Policy and Executive Director, Institute for International Business, Indiana University
"Timely, informative, insightful, beautifully written, and readable both by informed professionals and economists. Tightly organized and very interesting treatment of the Federal Reserve's role in the current economic crisis with comparative historical background on the Fed's behavior during the Great Depression. A wonderful book." - Michael J. Greenwood, Professor of Economics, University of Colorado atBoulder
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