The economic crisis that began in 2007 and still lingers has invited comparison with the Great Depression of the 1930s. It has also generated renewed interest in Milton Friedman and Anna Schwartz's explanation of the latter as mainly the consequence of the Fed's failure as a lender of last...

This paper is an endeavor to outline the Federal Reserve System's theoretical perspective of the financial market during the last three decades. It is a glimpse into the policies of regulatory authorities at the Fed whose designed path of financial growth led the US economy to its worst crisis...

An examination of the post-recession responsibilities of central banks, this book proposes adaptations to the central banking model that preserve the advantages in terms of inflation control brought by their independence, while taking into account the long-term consequences of the Great Recession.