Revisiting the 2008 Financial Crisis

A Workshop Series on the 2008 Financial Crisis: The Causes, The Panic, The Recession, The Lessons

A Series of Economic Policy Lunches

Market and policy antecedents and repercussions of the 2008 Financial Crisis and the Great Recession began long before and lasted long after the Lehman bankruptcy in September 2018. This series of presentations and discussions held on four different days during the fall of 2018 aims to delve into the causes, but also to examine the actions and interventions taken during the crisis and the recession, and to draw policy lessons for the future. Each part of the series will begin with two short paper presentations followed by active discussions and critiques.


Co-Chairmen
John B. Taylor
John H. Cochrane

Presenters
Darrell Duffie
Niall Ferguson
Caroline M. Hoxby
Monika Piazzesi
George P. Shultz


Workshop Dates

The Causes
This session covers the causes of the financial crisis.
October 19, 2018

The Panic
This session discusses the panic that ensued during the financial crisis.
November 9, 2018

The Recession
This session examines the actions and interventions taken during the recession.
December 7, 2018

The Lessons
This session identifies policy lessons for future financial crises.
December 7, 2018

The Overview
A public panel discussion providing an overview of the workshop findings and discussion.
December 7. 2018

E.g., 12 / 14 / 2018
E.g., 12 / 14 / 2018
Friday, December 7, 2018

The 2008 Financial Crisis: Lessons

Papers And Presentations

by John H. Cochrane Friday, December 7, 2018
article
by Darrell Duffie Friday, December 7, 2018
article
Friday, December 7, 2018

The 2008 Financial Crisis: Recession

Papers And Presentations

by Caroline M. Hoxby Friday, December 7, 2018
article
by John B. Taylor Friday, December 7, 2018
article

Related Research

by John H. Cochrane Friday, December 7, 2018
article
by Michael J. Boskin Friday, December 7, 2018
article
Friday, November 9, 2018

The 2008 Financial Crisis: Panic

Transcript

by John B. Taylor Thursday, November 15, 2018
article

Papers And Presentations

by Niall Ferguson Friday, November 9, 2018
article
by George P. Shultz Friday, November 9, 2018
article

Related Research

by George P. Shultz Friday, October 19, 2018
article
by George P. Shultz Friday, November 9, 2018
article
Friday, October 19, 2018

The 2008 Financial Crisis: Causes

Transcript

by John B. Taylor Thursday, November 1, 2018
article

Papers And Presentations

by John B. Taylor Friday, October 19, 2018
article
by Monika Piazzesi Friday, October 19, 2018
article

Related Research

by Raghuram Rajan Friday, October 19, 2018
article

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Papers And Presentations

Lessons From The Crisis

by Darrell Duffievia Revisiting the 2008 Financial Crisis
Friday, December 7, 2018

In the years leading up to the financial crisis that began in 2007, the core of the financial system was vulnerable to major shocks emanating from any of a variety of sources. This presentation reviews the lessons from the crisis.

Related Research

QE and ZLB: Decisive Experiments for Monetary Economics

by John H. Cochrane via Revisiting the 2008 Financial Crisis
Friday, December 7, 2018

Quantitative Easing (QE) = Large Scale Asset Purchases, issue reserves. But, does QE “Work?” And to what end?

Papers And Presentations

Labor Market Adjustment

by Caroline M. Hoxbyvia Revisiting the 2008 Financial Crisis
Friday, December 7, 2018

Today, there is suggestive evidence that policies during the recession failed to promote labor market adjustment, leading to permanently lower worker hours.

Related Research

Comments at the Session on the Recession

by Michael J. Boskinvia Revisiting the 2008 Financial Crisis
Friday, December 7, 2018

The general point is that there is much complementary evidence/analysis to the specific studies and uses of a macromodel mentioned by Taylor, so the conclusions should not be deemed exclusively dependent on that model.

Papers And Presentations

Fiscal Stimulus Programs During the Great Recession

by John B. Taylorvia Revisiting the 2008 Financial Crisis
Friday, December 7, 2018

Remarks prepared for the “Recession” Session at the “Workshop Series on the 2008 Financial Crisis: Causes, The Panic, The Recession, Lessons”

Papers And Presentations

10 years later, any safer?

by John H. Cochrane via Revisiting the 2008 Financial Crisis
Friday, December 7, 2018

It has been 10 years since the financial crisis of 2008. Is the financial system safer?

Though officials, policy analysts and economists don’t agree on much, they broadly agree that the large banks are somewhat safer than they were in 2008. And the primary reason is is simple: more capital.

Transcript

Revisiting the 2008 Financial Crisis: The Panic (Transcript)

by John B. Taylorvia Revisiting the 2008 Financial Crisis
Thursday, November 15, 2018

The transcript of the session “Workshop Series on the 2008 Financial Crisis: The Panic,” at the Hoover Institution, Stanford University on November 9, 2018. Chaired by John Cochrane with opening presentations by George P. Shultz and Niall Ferguson, followed by a general group discussion.

Related Research

Make Failure Tolerable

by George P. Shultzvia Revisiting the 2008 Financial Crisis
Friday, November 9, 2018
An excerpt from Ending Government Bailouts As We Know Them, Kenneth E. Scott, George P. Shultz, John B. Taylor (Eds.) Hoover Institution Press, 2009
Papers And Presentations

The 2008 Financial Crisis: Lessons Learned

by George P. Shultzvia Revisiting the 2008 Financial Crisis
Friday, November 9, 2018

As I see the financial crisis of 2008, the following steps outline what took place. One of the main lessons to learn from the financial crisis is the importance of holding institutions - large and small, and including the federal government –accountable for their actions.

Papers And Presentations

The 2008 Financial Crisis and the Ascent of Money

by Niall Fergusonvia Revisiting the 2008 Financial Crisis
Friday, November 9, 2018

Looking back ten years, I have been struck by two things. First, the analytical framework of The Ascent of Money served readers well. The book correctly foresaw that, bad as things already were in the summer of 2008, they were about to get a great deal worse.

Pages

Attend The Panel Discussion

Workshop Dates

THE CAUSES
October 19, 2018

THE PANIC
November 9, 2018

THE RECESSION
December 7, 2018

THE LESSONS
December 7, 2018