Review of the fed and Lehman brothers: setting the record straight on a financial disaster, by Laurence Ball
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The failure of Lehman Brothers looms large as a pivotal moment in the global financial crisis of 2007–2009. The events leading up to the firm’s bankruptcy filing on September 15, 2008, and the events that followed on its heels have become the raw material for TV dramas and the talking points for political debate and recrimination. It is widely believed that the financial turmoil in the wake of the Lehman filing contributed significantly to the deepening of the recession and perhaps even to the slow pace of recovery since 2009. So, it is natural to seek an understanding of the public sector decision making—at the Fed and in the Treasury—surrounding this event. Careful study of policy choices in this episode has the potential to improve policy in the future.
In The Fed and Lehman Brothers: Setting the Record Straight on a Financial Disaster(Cambridge University Press, 2018), Laurence Ball provides such a careful study. He first presents a narrative of the events leading up to and...
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