The Yale Program on Financial Stability and the Hutchins Center on Fiscal and Monetary Policy at the Brookings Institution have launched an initiative, led by former Federal Reserve Chairman Ben Bernanke and former Treasury secretaries Tim Geithner and Hank Paulson, to identify, document, and evaluate the decisions made by U.S. authorities as they responded to the global financial crisis.
The project will culminate with a presentation of papers at a conference at Brookings in Washington, D.C., on September 11 and 12, 2018, the 10th anniversary of the worst moments of the crisis. On the afternoon of September 12, Bernanke, Geithner, and Paulson will share their perspectives at a public event moderated by financial columnist and television host Andrew Ross Sorkin.
“Ten years after the onset of the global financial crisis, the record is incomplete. There’s no explanation of the dozens of important design decisions made as the authorities crafted their response to the financial crisis,” said Andrew Metrick, director of the Yale Program on Financial Stability, and David Wessel, director of the Hutchins Center. “We aim to fill that hole. We know this work will be valuable to those who find themselves responding to financial crises in the future.”
J. Nellie Liang, Miriam K. Carliner Senior Fellow in Economic Studies at Brookings and former director of the Fed’s Division of Financial Stability, will serve as editor for the papers. Commissioned papers will be authored by those who designed the U.S. response to the financial crisis within the George W. Bush and Barack Obama administrations and at the Fed.