Unprecedented Actions: The Federal Reserve's Response to the Global Financial Crisis in Historical Perspective

Frederic S. Mishkin, Eugene N. White

NBER Working Paper No. 20737
Issued in December 2014

---- Acknowledgments ----

Presented originally at the conference, “The Federal Reserve System’s Role in the Global Economy: An Historical Perspective” at the Federal Reserve Bank of Dallas, September 18-19, 2014. We particularly want to thank Michael Bordo and Steven Kamin for their helpful comments. We are also grateful for suggestions made by participants at the conference, the Columbia University Macroeconomics workshop and the Banque de France. The views expressed here are our own and are not necessarily those of Columbia University, Rutgers University, or the National Bureau of Economic Research. Disclosure of outside compensated activities for Mishkin can be found at

---- Disclosure of Financial Relationships for Frederic S. Mishkin ----

Frederic S. Mishkin


(2005 to present, excludes honoraria of $1,000 or less and royalty income from books)

Consulting: Federal Reserve Bank of New York, Bank of Korea;

National Bureau of Economic Research, FDIC, Interamerican

Development Bank; 4 hedge funds, BTG Pactual, Gavea

Investimentos; Reserve Bank of Australia, Federal Reserve Bank

of San Francisco, Einaudi Institute, Bank of Italy

Teaching: Study Center Gerzensee, Swiss National Bank

Speeches: Lexington Partners; Tudor Investment, Brevan

Howard, UBS, Pension Real Estate Association; Goodwin

Proctor, Penn State University, Villanova University, Shroeder’s

Investment Management, Premiere, Inc, Muira Global, Bidvest,

NRUCF, BTG Asset Management, Futures Industry Association,

ACLI, Handelsbanken, National Business Travel Association,

Goldman Sachs, Urban Land Institute, Deloitte, Barclays Capital,

CME Group; Barclays Capiital, BNP Paribas, Fidelity

Investments, Deutsche Bank,, Freeman and Co., Bank America,

Treasury Mangement Association, International Monetary Fund;

Kairos Investments, Deloitte and Touche, Instituto para el

Desarrollo Empreserial de lat Argentina, Handelsbanken,

Danske Capital, WIPRO, University of Calgary, Pictet & Cie,

Zurich Insurance Company, Central Bank of Chile,

Manhattanville College, Deloitte and Touche, RBC Capital

Markets, Handelsbanken, Elliot Management, Arizona State

University, Goldman Sachs, Investment Management Consultants

Association, Griswold Center for Economic Policy Studies at

Princeton University

Co-Director, U.S. Monetary Policy Forum

Advisory Committee, Alfred P. Sloan Foundation’s Economic

and Education Program


National Bureau of Economic Research: “Two Decades of

Japanese Monetary Policy and the Deflation Problem,” (with

Takatoshi Ito) in Takatoshi Ito and Andrew Rose, eds., Monetary

Policy Under Very Low Inflation Rates, NBER East Asia Seminar

on Economics, Vol. 15 (University of Chicago Press: Chicago,

2006), pp. 131-193.

Sveriges Riksdag (Swedish parliament): An Evaluation of

Swedish Monetary Policy Between 1995 and 2005 (with

Francesco Giavazzi) (Sveriges Riksdag: Stockholm, Sweden


Icelandic Chamber of Commerce: with Tryggvi Herbertson,

Financial Stability in Iceland (Reyjavik: Icelandic Chamber of

Commerce, 2006).

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The Bank of Korea International Conference 2006 (Bank of

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Canada, Annual Conference, (Bank of Canada: Ottawa, 2006),

pp. 195-220.

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Right,” in Santiago Fernandez de Lis and Fernando Restoy, eds.,

Central Banks in the 21st Century (Bank of Spain: Madrid, 2006),

pp. 215-253.

Central Bank of Chile: ““Does Inflation Targeting Matter?” (with

Klaus Schmidt-Hebbel) in Frederic S. Mishkin and Klaus Scmidt-

Hebbel, eds., Monetary Policy Under Inflation Targeting

(Central Bank of Chile: Santiago 2007), pp. 291-372.

Swiss National Bank: “Inflation Targeting: True Progress or

Repackaging of an Old Idea?” in Swiss National Bank, ed., The

Swiss National Bank, 1907-2007 (Neue Zurcher Zeitung

Publishing: Zurich, 2007), pp. 599-623.

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a Science?” in Deutsche Bundesbank, ed., Monetary Policy Over

Fifty Years: Experiences and Lessons (Routledge: London 2009),

pp. 81-107.

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and the Federal Reserve,” NBER Macro Annual, 2009, pp. 495-


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Flood and Lifeboats: Policy Response in the Global Crisis of

2007-2009,” Reuven Glick and Mark M. Spiegel, eds. Asia and

the Global Financial Crisis, Asia Economic Policy Conference

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Hooper, Frederic Mishkin, Kermit L. Schoenholtz and Mark W.

Watson) U.S. Monetary Policy Forum (Chicago: Chicago Booth

Initiative on Global Markets, 2010) pp. 3-59.

Brookings Institution: “Comments on Campbell, Shiller, and

Viceira” Brookings Papers on Economic Activity (forthcoming).

National Bureau of Economic Research: “Discussion of Takatoshi

Ito’s “Great Inflation and Central Bank Independence in Japan,” in

Michael Bordo and Athanasios Orphanides, editors, The Great

Inflation (University of Chicago Press: Chicago, forthcoming.)

European Central Bank: “Monetary Policy Strategy: Lessons

From the Crisis” in Monetary Policy Revisited: Lessons from the

Crisis (European Central Bank: Frankfurt, forthcoming.)

Bank of Korea: “Macroprudential Policy in Emerging Market

Economies” 2010, and conference version, Federal Reserve Bank

of San Francisco.

. Reserve Bank of Australia: “How Should Central Banks Respond

to Asset-Price Bubbles? The ‘Lean’ versus ‘Clean’ Debate After

the GFC? Reserve Bank of Australia Bulletin (June Quarter

2011), pp. 59-69.).

American Enterprise Institute: “The Federal Reserve After the

Crisis,” in Vincent Reinhart, editor, No Way Out: Persistent

Government Interventions in the Great Contraction (Washington,

D.C.: American Enterprise Institute, forthcoming 2012).

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Policies in Open Emerging Market Economies” (with Joon-Ho

Hahm, Hyun Song Shin and Kwanho Shin) in Reuven Glick and

Mark M. Spiegel, eds. Asia in the Post-Crisis Economy, 2011

Asia Economic Policy Conference (San Francisco: Federal

Reserve Bank of San Francisco, 2012) pp. 63-114.

Central Bank of Chile: “Central Banking After the Crisis,” in

Central Bank of Chile, Monetary Policy and Financial Stability,

Sixteenth 16th Annual Conference of the Central Bank of Chile

(Central Bank of Chile: Santiago, forthcoming)

Pictet and Cie: “Monetary Policy is Evolving,” Perspectives

(Special Edition 2013) , pp. 14-16.

U.S. Monetary Policy Forum: “Crunch Time: Fiscal Crises and

the Role of Monetary Policy,” U.S. Monetary Policy Forum

(Chicago: Chicago Booth Initiative on Global Markets, 2013), pp.


Exit Strategy (with Alan Blinder, Donald Kohn and Thomas

Jordan) Geneva Reports on the World Economy 15 (International

Center for Monetary and Banking Studies and Centre for

Economic Policy Research: Geneva and London, 2013).

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Regimes of Small Economies” in Reuven Glick and Mark M.

Spiegel, eds., Prospects for Asia and the Global Economy, 2013

Asia Economic Policy Conference (San Francisco: Federal

Reserve Bank of San Francisco, 2013), pp. 193-198.

“Unprecedented Actions: The Federal Reserve’s Response to the

Global Financial Crisis in Historical Perspective,” Mark Wynne

and Michael Bordo, eds., The Federal Reserve System’s Role in

the Global Economy: An Historical Perspective (Federal Reserve

Bank of Dallas, Dallas, forthcoming).

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