Category Archives: Financial Crisis
Shortest Recession in US History
The Business Cycle Dating Committee of the National Bureau of Economic Research has a very important job. It is responsible for determining the peaks and troughs of business cycles in the United States. It thus decides how long recessions are … Continue reading
Posted in Financial Crisis
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The Impact of the Pandemic and Lasting Lessons for Teaching Economics
Yesterday, I gave a keynote talk at the tenth American Economic Association Conference on Teaching and Research in Economic Education (CTREE). I have been teaching economics for 53 years. I love teaching economics. I love researching economics. And I love … Continue reading
Deepak Lal and Market-Oriented Policies
Deepak Lal, an outspoken champion of freedom and market‐oriented policies throughout the world, died yesterday in London. I heard the sad news from my friend Ed Feulner who called on the phone tonight, and I just read the beautiful tribute … Continue reading
On-Line, Ready, and Now Raring to Go with Econ 1v
Seven years ago, I decided to create an on-line version of the on-campus Principles of Economics course—we call it Econ 1—that I had been giving for many years. I recall that we spent a lot of time and effort on … Continue reading
Posted in Financial Crisis, Teaching Economics
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Africa Meeting of Econometricians: History, Revival and Ways Forward
I just spent a wonderful few days at the 2019 Africa Meeting of the Econometric Society held in Rabat, Morocco with the central bank, the Bank Al-Maghrib, providing an excellent venue. Congratulations to the Bank Al Maghrib for its 60th … Continue reading
Posted in Financial Crisis, Monetary Policy
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A Different Kind of Revisiting the 2008 Financial Crisis
During the past few months, John Cochrane and I organized a series of workshops on the 2008 financial crisis. Monika Piazzesi, George Shultz, Niall Ferguson, Caroline Hoxby, and Darrell Duffie joined us in making presentations and, along with other colleagues who … Continue reading
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Now They’re All Saying “It’s Time to Write Chapter 14 into Law”
Yesterday the Senate Judiciary Committee held an important hearing entitled “Big Bank Bankruptcy: 10 Years After Lehman Brothers.” Originally scheduled for October, but postponed because of the debate over the Kavanaugh confirmation, the hearing concentrated on legislation that would create … Continue reading
Posted in Financial Crisis, Regulatory Policy
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Econ 1, Tiger Woods, and the Crisis@10
Today is the first day of the fall quarter at Stanford, and I begin teaching Economics 1, the introductory economics course, and the course after which this blog is named. The first day is always exciting, especially with many first-year … Continue reading
Turkey Tantrum Contagion Not Automatic, Rather Policy Dependent
Many have been talking about possible international contagion of the financial crisis in Turkey, and Peter Coy touched on the key issues in yesterday’s Bloomberg piece. Recent economic history and theory offer powerful lessons about contagion. Most important is that … Continue reading
Happy New Decade!
The Great Recession began exactly one decade ago this month, as later determined by the NBER business cycle dating committee chaired by my colleague, Bob Hall. There is still a great debate about the causes of the Great Recession, its … Continue reading
Economics One 