Yale School of Management

Program on Financial Stability

Improving our understanding and management of systemic risk.

Visualizing the Financial Crisis

Charts and graphs documenting the financial crisis

The global financial crisis and Great Recession of 2007–2009 constituted the worst shocks to the United States economy in generations. Many books have been and will be written about these seminal events, but the story can also be told graphically, as the charts and graphs below aim to do.

No collection of charts, even as extensive as this, can convey all the complexities and details of the crisis and the government's interventions. But the charts presented here capture the essential features of one of the worst episodes in American economic history and the ultimately successful, even if politically unpopular, government response.

We hope that you will take the time to explore all of the charts and encourage you to share them with colleagues, students, and other financial policy professionals. You may download and utilize the charts in your own work, and in some cases, you may explore the underlying data. The charts and data may be used free of charge in accordance with our terms described below.

Financial Crisis Chart Archive

Antecedents and Overviews

  • Antecedents of the Crisis

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    Excel Data Files

    Growth in Real Potential GDP from Productivity Growth and Labor Force Growth, 1970–2008

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    Civilian Labor Force Participation Rates, Ages 25–54, 1990–2008 (indexed to 1990)

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    Cumulative Growth in Average Household Income, by Income Group, 1979–2008

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    The “Great Moderation”: Quarterly Real GDP Growth, 1970–2008

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    Benchmark Interest Rates, 1970–2008

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    Percentage Change in Real Home Price Index since 1890, 1970–2008

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    Aggregate Household Debt as a Share of Disposable Personal Income, 1970–2008

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    Credit Market Debt Outstanding, by Holder, 1970–2008

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    Nonfinancial Credit Outstanding, by Holder, 1960–2017

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    Net Repo Funding to Banks and Broker-Dealers, 1970–2008

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    Selected Short-Term Liabilities of Financial Firms, 1960–2017

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  • Overviews

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    U.S. Government Responses to the 2007–2009 Global Financial Crisis 

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    Key Elements of the U.S. Response

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    Fear Cycle

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    U.S. Response to the Crisis: Tools Available and Restrictions

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    Phases of the 2007–2009 Global Financial Crisis as Reflected in Bank Credit Default Swap Spreads and Libor-OIS Spread

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    Phases of the Global Financial Crisis as Reflected in Bank CDS Spreads and Three-Month Libor-OIS Spread, 2007–2010

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    Libor-OIS Spread and Selected Early Crisis Events

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    S&P 500 Financials Index, Average Bank Credit Default Swap Spread, and Selected Events, 2007–2009

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    Real GDP as Compared with Professional Forecasters' Real GDP Forecasts, 2007–2010

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Systemic Financial Policies

  • Systemic Financial Policies

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    Systemic Policies Deployed by the U.S. Government to Stabilize Financial Institutions and Markets

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    Evolution of U.S. Government Liquidity Programs

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  • Lender of Last Resort

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    Three-Month Funding Spreads to OIS: Libor and FX Swaps, 2007–2009

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    Term Auction Facility: Spread to One-Month OIS and Amount Outstanding, Q4 2007–Q4 2009

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    Repo Spread: One-Month Agency MBS to U.S. Treasuries, August 2007–December 2008

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    Single-Tranche Repo: Spread to One-Month OIS and Amount Outstanding, March–December 2008

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    Discount Window: Amounts Outstanding by Region, August 2007–February 2010

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    Term Auction Facility: Amounts Outstanding by Region, August 2007–April 2010

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    Discount Window and Term Auction Facility Usage, 2007–2010

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    Single-Tranche Repo: Amounts Outstanding by Region, January 2008 – June 2009 

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    Financing Spreads and the Term Securities Lending Facility, January–May 2008

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    Term Securities Lending Facility and Primary Dealer Credit Facility Usage, 2007–2010

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    Credit Default Swap Spreads for Banks and Securities Firms, January 2008–July 2009, and the Announcement of the PDCF

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    PDCF, TSLF, and Discount Window Usage, January 1, 2008 – July 15, 2009

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    Prime Money Market Fund Assets under Management, 1999–2018

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    Commercial Paper Rate Spreads over the Effective Federal Funds Rate, 2005–2010

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    Overnight Issuance as a Percentage of Total Commercial Paper Issuance, 2004–2010

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    Overnight Issuance as a Percentage of Total Commercial Paper Issuance and Selected Events, 2007–2010

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    Consumer Asset-Backed Security Spreads, 2007–2011

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    Commercial Mortgage-Backed Security Spreads, 2007–2011

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    Outstanding Term Asset-Backed Securities Loan Facility Loans, Weekly, 2009–2011

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    Total Issuance in TALF-Eligible Classes and Breakdown of TALF Issuance, 2007–2011

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    Asset-backed Securities Issuance, Amount Pledged to TALF, and Selected Events, 2007–2011

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  • Guarantees

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    Prime Institutional Money Market Fund Flows, Daily, August–December 2008

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    Debt Outstanding under the TLGP (DGP), 2008–2012, and Bank CDS Spreads, 2007–2009

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    Senior Unsecured U.S. Bank Debt Issuance (in 2008, before and after September)

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    Top Ten Debt Guarantee Program Issuers, by Dollar Amount

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    TED Spread, 2006–2010

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  • Banks and Bank Capital

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    Capital programs title page

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    Three-Month Libor-OIS Spread and the CPP and TLGP

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    Bank Capital Levels, 2001–2017

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    Initial CPP Investments in Large U.S. Financial Institutions, Announced October 14, 2008

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    Distribution of Banks Participating in the CPP, by State and by Size

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    Principal Outstanding for Government Bank Capital Investments, 2008–2014, and Distribution of Banks Participating in the Capital Purchase Program, by Asset Size and by Location

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    CPP: Exit Method, by Number of Institutions (as of July 2019)

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    CPP: Exit Method, by Dollar Volume (as of July 2019)

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    Bank Stress Tests, Bank CDS Spreads, and Three-Month Libor-OIS Spread,  2007–2010

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    Two-Year Historical Loan-Loss Rates for Commercial Banks, 1920–2008

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    Historical Loan-Loss Rates and Bank Stress Tests, 1920-2012

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    Two-Year Historical Loan-Loss Rates for Commercial Banks, 1920–2012, and Bank Capital Shortfalls As Determined by the Supervisory Capital Assessment Program, May 7, 2009

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    Stress Test Results: Capital Raises Needed, May 7, 2009

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    Private Capital Raised January 1, 2007–October 13, 2008, by the Nine Financial Institutions Receiving Initial Government Investments

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    Government and Private Capital Raised October 14, 2008–May 6, 2009, by the Nine Financial Institutions Receiving Initial Government Investments

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    Private Capital Raised May 7, 2009–December 31, 2010, by the Nine Financial Institutions Receiving Initial Government Investments

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    Capital Raised by U.S. Banks as Compared with European Banks, 2008–2016

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    Citigroup Assets and “Ring-fence” Loss Responsibility Structure under the Asset Guarantee Program, and Citigroup CDS Spreads, 2007–2010

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    Government Commitment to AIG and Selected Events, 2008–2012

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    Share of Total Deposits Insured by the FDIC and Changes in Coverage, 2007–2012

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    Problem U.S. Banks and Problem U.S. Bank Assets, 2006–2013

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    Failed U.S. Banks and Failed U.S. Bank Assets, 2006–2013

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    Deposit Insurance Fund Liquidity and Capital Balances, 2007–2014

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    FDIC Asset Reductions, 2008–2013

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    Resolution Trust Corporation Asset Reductions, 1989–1995

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  • Administration of TARP

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    Staffing History (Full-Time Equivalents): Office of Financial Stability, 2009–2017

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    Staffing History (Full-Time Equivalents): Office of Financial Stability and Special Inspector General for TARP, 2009–2017

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    TARP Administrative Budget History, 2009–2019

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    Historical TARP Lifetime Cost Estimates (as of July 2019)

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Monetary Policy and Fiscal Policy

  • Monetary Policy

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    Path of 2007–2012 Unemployment Rate Compared with Greenbook Forecasts

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    Actual Unemployment Rate Compared with FRB/US Forecasts

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    Real Federal Funds Rate 2005–2010 Compared with Estimates of Its Equilibrium Level

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    Risk Premiums during Asset Purchase Programs, 2008–2014

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    Market Expectations of Economic Conditions at Time of First Federal Funds Rate Hike

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    Federal Funds Target Rate, 10-Year Treasury Rate, and Timing and Amount of Federal Reserve Asset Purchases, 2007–2012 

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  • Fiscal Policy

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    Fiscal Expansion as a Percentage of GDP, 2008–2012

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    Recovery Act and Prior and Subsequent Fiscal Measures, by Functional Category

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    Change in Unemployment Rate, Q4 2007–Q4 2010

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    Change in Average Household Income by Quintile for Non-Elderly-Headed Households, 2007–2010

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    Recovery Act Highway Construction Outlays, 2009–2017

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    Real GDP Growth and the Unemployment Rate in Germany and the United States, 2007–2010 

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    Quarterly Effect of Fiscal Stimulus Measures on GDP, 2008–2012

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    Estimated Impact of Fiscal Stimulus Measures on GDP, 2007–2012, and Selected Pre–Recovery Act Events
     

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    Estimated Impact of Fiscal Stimulus Measures on GDP, 2007–2012, and Selected Recovery Act Events

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    Estimated Impact of Fiscal Stimulus Measures on GDP, 2007–2012, and Selected Post–Recovery Act Events

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    State and Local Government Purchases during Recession Recovery Periods (average across recessionary periods 1960–2007 and specific recesssions)

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GSEs and Housing

  • GSEs

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    Fannie Mae and Freddie Mac Stock Prices and Selected Events, 2007–2009

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    Fannie Mae and Freddie Mac Stock Prices, 2007–2009

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    MBS Issuance and Agency MBS-to-Treasury Spread, 2006–2011

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    Net Capital Flows from the Senior Preferred Stock Purchase Agreements, Q2 2008–Q3 2018

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    MBS Issuance, Agency MBS-to-Treasury Spread, and Selected Events, 2006–2011

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  • Housing

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    Change in S&P CoreLogic Case-Shiller Home Price Indexes for 20 Cities and U.S., 2006–2008

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    Foreclosure Inventory and S&P CoreLogic Case-Shiller Home Price Index, 2007–2013

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    Housing Programs, 30-Year Mortgage Rate, and Foreclosure Completions, 2000–2016

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    Housing Programs, 30-Year Fixed Mortgage Rate, Foreclosure Completions, and Selected Events, 2000–2016

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    Housing Market Trends during the Crisis

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    Distribution of Outstanding Single-Family Mortgages, 1952–2013

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    Housing Programs and Foreclosure Completions, 2005–2016

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    Loan Modification Programs, Including HAMP, and Foreclosure Completions, 2005–2016

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    HARP Refinances and Foreclosure Completions, 2005–2016

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    HARP Refinances and Foreclosure Completions, 2005–2016

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    Average Mortgage Interest Rate, 2002-2017, by Selected Loan Categories

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    Home Owner Assistance Programs (through 2012 and 2017)

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Autos

  • Autos

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    Light Weight Vehicle Sales, 2004–2013

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    Auto Loan Origination Volume, 2004–2013

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    Employment in Motor Vehicles and Parts Manufacturing, 2004–2013

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International

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    Five-Year Credit Default Swap Spreads for Major Banks, by Country, 2007–2009

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    Selected Equity Indexes for the U.S., Emerging Markets, and Developed Economies, 2007–2009

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    IMF Forecasts for Real World GDP Growth in 2008 and 2009

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    Three-Month Libor-OIS Spread and the G-7 and G-20

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    Federal Reserve Swaps Outstanding, 2007–2010

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    Five-Year Sovereign Credit Default Swaps for Selected Emerging Markets Economies, 2007–2009

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    Policy Interest Rates for Major Central Banks, 2007–2009

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    Target Interest Rates for Major Central Banks, 2005–2012

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    Progression of IMF Forecasts of World Real GDP Growth, April 2008–October 2010

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    Greenbook Forecasts for 2008 and 2009 Real GDP Growth in Foreign Countries, June 2007–June 2010

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    Central Bank Liquidity Swaps, 2008–2010, and 2008 Swap Line Limits

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    Increase in IMF Lending Commitments over a 15-month Period from Starts of Asian and Global Financial Crises

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    Increase in IMF Lending Commitments over a One-Year Period from Starts of Asian and Global Financial Crises

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Outcomes and Conclusions

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    Global Financial Crisis Compared with the Great Depression -- Stock Market, House Prices, and Household Wealth

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    U.S. Financial Crisis Compared to Other Financial Crises, 1857–2013

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    U.S. Economy -- Unemployment Rate in 1929, 1990, and 2007

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    U.S. Economy -- Bank Credit in 1929, 1990, and 2007

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    Three-Month Libor-OIS Spread and Selected Events, 2007–2010

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    CDS Spreads for U.S. Financial Firms and Selected Events, 2007–2010

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    Agency MBS-to-Treasury Spread and Selected Events, 2007–2010

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    Government Commitments for Systemic Policies and GDP and Employment Growth, 2007–2010 

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    Government Commitments for Systemic Policies and GDP and Employment Growth, 2007–2010

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    2007–2009 Global Financial Crisis: Real GDP Ten Years Later

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    Real GDP, Actual and Greenbook Forecasts, 2007–2011

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    Change in Real GDP from Peak for Recent Recessions and the Financial Crisis

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    Change in Real GDP from the 4th Quarter of 2007 for Selected Countries, 2007–2013

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    Consumer Asset-Backed Security Spreads and Net Percentage of Banks Tightening Lending Standards, 2007–2010 

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    Income or Cost of Financial Stability Programs

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    Share of Financial System Facing Leverage Restrictions, Q4 2007 Compared with Q4 2017  

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    Government Tools and Limitations, Before and After the Financial Crisis

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About the Charts

The creation of these charts was sponsored by the Hutchins Center on Fiscal and Monetary Policy at the Brookings Institution  and the Yale Program on Financial Stability (YPFS), as part of a project led by former Federal Reserve chairman Ben S. Bernanke and former Treasury secretaries Timothy F. Geithner and Henry M. Paulson, Jr., to explore the U.S. government’s responses to the 2007–2009 global financial crisis. The data were carefully collected and vetted, analyzed, and plotted under the guidance of YPFS researchers—and now comprises one of the largest independent archives of financial crisis data available today.

Attribution and Usage Policies

The charts may be used free of charge, in accordance with the following terms: You may copy and redistribute one or more charts for noncommercial purposes so long as you provide proper attribution (which may be done using our recommended citation) and indicate if any changes were made to the cited content. You may not remix, transform, or build upon any chart, and may not distribute any modified chart. The use of these charts is governed by a  Creative Commons Attribution-NonCommercial-NoDerivatives 4.0 International (CC BY-NC-ND 4.0) license.

Recommended Citation

The recommended form for citing the charts is: Hutchins Center at the Brookings Institution and Yale Program on Financial Stability, Visualizing the Financial Crisis, [Chart Title] (2020).