Containing a Systemic Crisis: Is There Really No Playbook?

There is a clear playbook for resolving systemic risk, but regulators have difficulty following it, says AEI resident scholar Vincent R. Reinhart at the Federal Reserve Bank of Chicago. A playbook can tell regulators how to treat insolvent institutions, but it does not solve the difficulty of deciding if an institution, especially a nonbank, is insolvent or a victim of panic.

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Vincent R. Reinhart is a resident scholar at AEI.

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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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