NBER Working Paper No. 22787
---- Acknowledgments ----
We thank Mark Gertler, Todd Keister, Pamela Labadie, Ricardo Reis, Eric Rosengren, Geoffrey Tootell and seminar participants at the Boston Fed, Wharton, the 2015 AEA Meetings in Boston, the 2016 NAESM in Philadelphia, the 2016 SED Meetings in Toulouse and the “Innovations in Central Banking” Conference at the St. Louis Fed for comments and suggestions. This paper previously circulated under the title “How Central Banks End Crises.” The usual waiver of liability applies. The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research.
---- Disclosure of Financial Relationships for Gary Gorton ----
Gorton has nothing to currently disclose. He was a consultant to AIG Financial Products from 1996-2008.