Mishkin, Frederic S. - In: Journal of Economic Perspectives 25 (2011) 1, pp. 49-70
The financial crisis of 2007 to 2009 can be divided into two distinct phases. The first and more limited phase from August 2007 to August 2008 stemmed from losses in one relatively small segment of the U.S. financial system—namely, subprime residential mortgages. Despite this disruption to...