George P. Shultz, the Thomas W. and Susan B. Ford Distinguished Fellow at the Hoover Institution, opened the workshop with an address encouraging participants to “think long” and consider future implications as they address urgent policy challenges. (Photo by Tin Tin Wisniewski/Hoover Institution Public Affairs)

Ed Lazear (in photo), the Morris Arnold Cox Senior Fellow at the Hoover Institution, chaired the first panel discussion, in which Allan Meltzer of Carnegie Mellon University and Peter Fisher of BlackRock discussed the causes of the financial crisis and lessons learned thus far. (Photo by Tin Tin Wisniewski/Hoover Institution Public Affairs)

The second panel, chaired by Hoover senior fellow Michael Boskin, focused on the Fed’s expanded balance sheet. (Photo by Tin Tin Wisniewski/Hoover Institution Public Affairs)

Donald Kohn, vice chairman of the Board of Governors of the Federal Reserve System, began by explaining the basis for the Fed’s recent actions. (Photo by Tin Tin Wisniewski/Hoover Institution Public Affairs)

John B. Taylor (left), the Bowen H. and Janice Arthur McCoy Senior Fellow at the Hoover Institution, and James Hamilton of the University of California at San Diego evaluated the economic and policy implications of the expanded balance sheet. (Photo by Tin Tin Wisniewski/Hoover Institution Public Affairs)

In the third session, Darrell Duffie of the Stanford Graduate School of Business addressed regulatory challenges in credit derivatives markets. (Photo by Tin Tin Wisniewski/Hoover Institution Public Affairs)

Finally, Andrew Crockett (in photo) of J. P. Morgan International and Michael Halloran, former counselor to the chairman at the Securities and Exchange Commission, led a panel that discussed proposals to establish a “systemic stability regulator” in the United States. (Photo by Tin Tin Wisniewski/Hoover Institution Public Affairs)