This Economic Letter briefly reviews 11 papers that provide analytical perspectives and new empirical evidence on the causes of these crises as well as the appropriate policy responses. These papers, prepared for a conference sponsored by the Federal Reserve Bank of San Francisco’s Center for...

This Economic Letter is adapted from a speech delivered by Janet L. Yellen, president and CEO of the Federal Reserve Bank of San Francisco, on October 30, 2008, to the UC Berkeley-UCLA Symposium "The Mortgage Meltdown, the Economy, and Public Policy," at the University of California, Berkeley.

This Economic Letter summarizes the papers presented at the conference on "Emerging Markets and Macroeconomic Volatility: Lessons from a Decade of Financial Debacles" held at the Federal Reserve Bank of San Francisco on June 4-5, 2004, under the joint sponsorship of the Bank's Center for Pacific...

In the wake of the global financial crisis of 2007–08, Asia has emerged as a pillar of financial stability and economic growth. A recent San Francisco Federal Reserve Bank conference focused on Asia’s changing role in the global economy. Asia’s relative strength is allowing it to play an...

The overall effect of the global financial crisis on emerging Asia was limited and short-lived. However, the crisis affected some countries in the region more than others. Two main crisis transmission channels, exposure to U.S. financial markets and reliance on manufacturing exports, determined...

The financial crisis has been worldwide in scope, but the severity has differed from country to country. Those countries whose banks played a more central role in the global financial system, were important intermediaries, or had extensive direct relationships tended to be less seriously...

The enormity of the current financial collapse, widely described as a bursting bubble, raises the question whether the crisis could have been predicted, possibly permitting action to offset its effects. In the first of two Economic Letters on the subject, we look at developments in the United...

The Federal Reserve Bank of San Francisco’s annual macroeconomics conference focused this year on the theme “Financial Market Imperfections and Macroeconomics.” Conference papers explored the empirical and theoretical performance of the U.S. and international economies before, during, and...

The Federal Reserve has responded to a severe recession by developing programs to bolster the financial system and restore economic growth. The Fed has the tools to unwind these programs when appropriate, maintaining price stability. The following is adapted from a speech delivered by the...