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The Financial Crisis and Federal Reserve Policy is fully revised and updated with the most accurate and thorough coverage available of the causes and consequences of the 2008 Financial Crisis and the role the Federal Reserve played in the recovery efforts.

The Global Financial Crisis is now widely acknowledged to be the most severe economic downturn since the 1930s. It is unique not only in its gravity and scope, but also in its underlying causes and wider social, political, and economic implications. It continues to generate heated debate amongst economists, historians, pundits, political scientists and the general public. But is has been by and large neglected by philosophers and professional ethicists. Global Financial Crisis: the Ethical Issues begins to remedy this neglect. -- Publisher description.

The Global Financial Crisis (GFC) is the most serious economic crisis since the Great Depression. Many books have explored its causes, but this book systematically explores its consequences. The focus is primarily on the policy and political consequences of the GFC. This book asks how governments responded to the challenge and what the political consequences of the combination of the GFC itself and policy responses to it have been. Based on workshops held in the United States and the United Kingdom, it brings together leading academics to consider the divergent ways in which particular countries have responded in different ways to the crisis, including China, France, the United Kingdom, and the United States. Part of what is happening is a structural shift in economic power from east to west, but China has its fragilities while Germany offers an example of a largely successful Western model. The book also assesses attempts to develop global economic governance and to reform financial regulation and looks critically at the role of credit rating agencies. Unlike earlier crises, no new paradigm has emerged to challenge existing ways of thinking, meaning that neoliberalism has emerged relatively unscathed. The crisis has lacked a coherent and innovative intellectual response and has been characterized by remarkable policy stability.

The recent recession has brought fiscal policy back to the forefront, with economists and policy makers struggling to reach a consensus on highly political issues like tax rates and government spending. At the heart of the debate are fiscal multipliers, whose size and sensitivity determine the power of such policies to influence economic growth. Fiscal Policy after the Financial Crisis focuses on the effects of fiscal stimuli and increased government spending, with contributions that consider the measurement of the multiplier effect and its size. In the face of uncertainty over the sustainability of recent economic policies, further contributions to this volume discuss the merits of alternate means of debt reduction through decreased government spending or increased taxes. A final section examines how the short-term political forces driving fiscal policy might be balanced with aspects of the long-term planning governing monetary policy.

Intro -- FINANCIAL CRISIS IN THE GLOBAL BUBBLE ECONOMY -- FINANCIAL CRISIS IN THE GLOBAL BUBBLE ECONOMY -- CONTENTS -- PREFACE -- THE U.S. FINANCIAL CRISIS: ORIGINS, CONSEQUENCES, AND REMEDIES -- ABSTRACT -- I. INTRODUCTION -- II. ORIGINS OF THE RECENT FINANCIAL CRISIS -- 1. The Fed's Remedy Package for the 2001 Recession and the Credit Boom -- 2. Subprime Mortgages and Securitization -- 3. Mismanagement of Financial Innovation -- 4. Housing Boom and Bust -- III. CONSEQUENCES OF THE RECENT FINANCIAL CRISIS -- 1. The Housing Market -- 2. The Banking Sector -- 3. The Stock Market -- IV. REMEDIES TO THE RECENT FINANCIAL CRISIS -- 1. Policy Responses to Restore Economic and Financial Stability -- 2. Policy Measures Analysis -- 3. Evaluation and Prediction -- CONCLUSION -- REFERENCES -- CORPORATE GOVERNANCE AND STOCK PRICE PERFORMANCE DURING THE FINANCIAL CRISIS: EVIDENCE FROM JAPAN -- ABSTRACT -- 1. INTRODUCTION -- 2. RELATED STUDIES AND HYPOTHESES -- 2.1. Corporate Governance Structures and Stock Price Performance -- 2.2. Corporate Financial Characteristics and Stock Price Performance -- 3. SAMPLE AND DATA -- 4. EMPIRICAL RESULTS -- 4.1. Mean Buy-and-Hold Return during the Financial Crisis -- 4.2. Portfolio Returns -- 4.3. Regression of BHR -- CONCLUSION -- REFERENCES -- U.S. HOUSING BUBBLE AND CAPITAL INFLOWS -- Abstract -- 1.Introduction -- 2.IneffectiveMonetaryPolicy -- 3.TradeDeficitsandCapitalInflows -- 4.HousingSector -- 4.1.Non-ConventionalMortgages -- 4.2.DelinquenciesandForeclosures -- 5.LosAngelesCaseStudy -- 6.Conclusion -- References -- INTERNATIONAL CONTAGION DURING THE RECENT U.S. FINANCIAL CRISIS -- ABSTRACT -- I. INTRODUCTION -- II. U.S. CRISIS AND INTERNATIONAL CONTAGION -- III. DEFINITION OF CONTAGION -- IV. TRANSMISSION CHANNELS: REAL VERSUS BEHAVIORAL -- a. Real Transmission Channels -- b. Behavioral Transmission Channels.

This book is a review on the economic theories of systemic risks in the financial market and the topics in constructing the macroprudential framework for banking regulation in the future. It explains the reasons why the traditional microprudential regulatory framework missed its target in stabilizing the market and preventing the crisis, and discusses the principles and instruments for designing macroprudential rules.