No Way Out: Government Response to the Financial Crisis
A Presentation of the No Way Out Conference Series

As part of the response to the ongoing financial crisis, the U.S. government has significantly expanded its role in the economy. This increased direct involvement will surely be followed by legislative overhaul of the supervisory system. Individual and corporate market participants will also be adjusting their own behaviors and institutions in light of the experience of the past year. Both of these reactions may make it difficult for the government to exit policies designed to handle the crisis.

More broadly, the appropriate role of government in the economy is also in question. Should fiscal policy continue to be used aggressively to help to stabilize the economy? If so, are there better ways to design automatic stabilizers? Should monetary policy respond forcefully to apparent asset bubbles in the future? Would that make a repetition of the crisis less likely? Should the Federal Reserve retain some of its newly instituted credit facilities so as to have more levers on financial markets and the economy?

This AEI conference will combine the experiences of market participants with new analysis from academics. In the first session, AEI resident scholar Vincent R. Reinhart will present his findings gleaned from a series of conversations with market participants. Angel Ubide of Tudor Investment Corporation; Greg Ip, the U.S. economics editor of The Economist; and Christopher Whalen of Risk Analytics will respond.

The second session includes prominent academics who are all contributing scholarly papers to a forthcoming edited volume on the crisis. Frederic Mishkin and Ricardo Reis of Columbia University, Ethan Ilzetzki of London School of Economics, and Michael Bordo of Rutgers University will present an initial overview of the proposed research.

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About the Author

 

Vincent R.
Reinhart
  • Vincent Reinhart, a former director of the Federal Reserve Board's Division of Monetary Affairs, joined AEI in 2008 after working on domestic and international aspects of U.S. monetary policy at the Fed for more than two decades. He held a number of senior positions in the Divisions of Monetary Affairs and International Finance and served for the last six years of his Federal Reserve career as secretary and economist of the Federal Open Market Committee. Mr. Reinhart worked on topics as varied as economic bubbles and the conduct of monetary policy, auctions of U.S. Treasury securities, alternative strategies for monetary policy, and the efficient communication of monetary policy decisions. At AEI, he has continued his work on all of the above in addition to research on key economic variables before and after adverse global and country-specific shocks, policy mistakes leading to the 2007-09 financial meltdown, and the implementation and impact of quantitative easing.
  • Email: vincent.reinhart@aei.org

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Wednesday, April 16, 2014 | 10:00 a.m. – 11:00 a.m.
Calling treason by its name: A conversation with Liam Fox

Join us at AEI as the Right Honorable Liam Fox sits down with Marc Thiessen to discuss and debate whether America’s intelligence agencies have infringed on the personal privacy of US citizens.

Thursday, April 17, 2014 | 4:00 p.m. – 5:00 p.m.
The curmudgeon's guide to getting ahead

How can young people succeed in workplaces dominated by curmudgeons who are judging their every move? At this AEI book event, bestselling author and social scientist Charles Murray will offer indispensable advice for navigating the workplace, getting ahead, and living a fulfilling life.

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