Yale School of Management

Program on Financial Stability

Improving our understanding and management of systemic risk.

Lessons Learned Oral History Project

Lessons Learned Archive

At the Yale Program on Financial Stability (YPFS) we preserve, create and share knowledge about financial crises and how regulators and policymakers prevent, diagnose, and combat these rare and unprecedented events.  As part of that mission, through this “Lessons Learned Oral History Project,” we are  interviewing  key participants in the efforts by the U.S. and other governments to stem crises, starting with recent crises, such as the Global Financial Crisis of 2007-09 (GFC), and the economic impacts of the COVID Pandemic.

Featured Interviews

Featured Lesson Learned Interview

Our interviews augment our document-based research by revealing general observations, valuable insights, and unanticipated “Lessons Learned” that we believe will be helpful to policymakers in the future.

Our interviews recount a multitude of perspectives and also provides a human dimension to these rare and extraordinary events. These are the stories of the decisionmakers, who, as the U.S. housing market crashed and the exposure of the inherent weaknesses in the financial system sent markets into a freefall, were tasked with crafting the emergency response not knowing how, or even if, they could contain the damage and restore stability. We hear from the deputies, the lieutenants, and the analysts who worked through the night shepherding possibilities and pouring over numbers. They are men and women who answered their government’s call to service, and put their expertise at its disposal, leaving jobs, families and vacations behind.

The practical revelations contained in these interviews combine with our case studies, and other research, to create a multi-dimensional record and powerful resource for crisis-fighting. You can access the interview transcripts and summaries below.

Browse our collection of Lessons Learned Materials organized by the institution served during the Global Financial Crisis:

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We publish our Lessons Learned summaries in our online journal, the Journal of Financial Crises on an ongoing basis. This allows us to share the essence of the interview with the public sooner, even though the interview transcript may be embargoed for a period.  You may view our published  Lessons Learned summaries  in our Journal of Financial Crises   , or download  the list of  published Lesson Learned summaries marked with descriptive keywords  .

Additionally, browse our full collection of Lessons Learned Materials  and other materials  related to  crises throughout history   with expanded search capability in the YPFS Resource library

Lastly, find answers to frequently asked questions  regarding the  Lessons Learned  Oral History Project  here.