The Nordic bank resolution is widely regarded as among the most successful in history. ; Also issued as Monetary Trends, April 2009

Would financial markets and the economy have been better off if the Fed pursued a policy of quantitative easing sooner?

Experience demonstrates that raising reserve requirements is surely not the best way to eliminate excess reserves.

Most analysts have concluded that the LSAP successfully reduced long-term market interest rates. How, exactly, do LSAP-style programs succeed?

Current excess reserves could create a massive increase in the money supply if banks significantly increase their lending or investing.

Our finding is consistent with some recent, substantial volatility in the U.S. corporate bond market and leaves open a possibility that additional, future shocks to default premia may have long-lived effects.

Caution is necessary when making inferences based solely on aggregate loans data.

The Federal Reserve Board has used Section 13(3) of the Federal Reserve Act to create several new lending facilities to address the ongoing strains in the credit market.

Federal Reserve programs during the recent financial crisis sought to provide liquidity to individual firms or industries. An interesting additional question is whether the aggregate amount of liquidity in the economy was appropriate before and during the recent financial crisis.