NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH

Crisis and Responses: the Federal Reserve and the Financial Crisis of 2007-2008

Stephen G. Cecchetti

NBER Working Paper No. 14134
Issued in June 2008

---- Acknowledgements -----

Stephen G. Cecchetti is Economic Adviser and Head of the Monetary and Economic Department, Bank of International Settlements, Basel, Switzerland. At the time this essay was written, he was Barbara and Richard M. Rosenberg Professor of Global Finance, International Business School, Brandeis University, Boston, Massachusetts. Among the vast number of people I spoke with in preparing this essay, I wish especially to thank Peter Fisher, Jens Hilscher, Spence Hilton, Anil Kashyap, Jamie McAndrews, Kim Schoenholtz, Andrei Shleifer, Jeremy Stein, Timothy Taylor and Paul Tucker for their insights and comments. An earlier version of this essay was presented as the Edgeworth Lecture at the 2008 Annual Meeting of the Irish Economic Association. The views expressed herein are those of the author(s) and do not necessarily reflect the views of the National Bureau of Economic Research.

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