What are the economic effects of an interest rate cut when an economy is in the midst of a financial crisis? Under what … ffects? We answer these questions in a general class of open economy models, where a financial crisis is modeled as a time … the traded good sector and in adjusting the rate at which that output can be used in other parts of the economy, then a …

Major changes have taken place in the U.S. economy within the past quarter century. Changes with implications that are … Regulation Q interest ceilings and the development of the secondary mortgage market, the greater openness of the U.S. economy …

collapse of the economy. What lessons can we draw from our study of these events? In this essay, I argue that the Federal …