Download Brookings Papers on Economic Activity: Spring 2009 by David H. Romer, Justin Wolfers PDF

By David H. Romer, Justin Wolfers

Brookings Papers on financial job (BPEA) presents educational and company economists, govt officers, and contributors of the monetary and enterprise groups with well timed examine on present financial issues.


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Causes and outcomes of the Oil surprise of 2007-08 by means of James D. Hamilton

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Extra resources for Brookings Papers on Economic Activity: Spring 2009

Sample text

This would not have saved Lehman—indeed, it would have concentrated losses on the rest of the firm—but it might have provided time for a more orderly dissolution. Indeed, there are estimates that the disorderly bankruptcy reduced the recovery value of the firm by billions of dollars. The view at Treasury, however, was that Lehman’s management had been given abundant time to resolve their situation by raising additional capital or selling off the firm, and market participants were aware of this and had time to prepare.

The second half of 2008 looked to be difficult, but we expected the rebate checks to support 34 Brookings Papers on Economic Activity, Spring 2009 consumption until the drags from housing and the credit disruption eased and growth rebounded in 2009. VII. Rescuing the GSEs The relative quiet was to hold until early summer, when the effects of the housing collapse manifested themselves in the collapse of IndyMac and severe pressures on the GSEs, in the form of declining stock prices and widening spreads on Fannie and Freddie securities, and thus on mortgage interest rates for potential homebuyers.

Work began in earnest on fiscal policy options to support growth. The idea that such action might be needed was buttressed by public calls for it by prominent economists, notably Lawrence Summers and Martin Feldstein. Throughout November and December, the administration’s economic team—the Treasury, the Council of Economic Advisers (CEA), the Office of Management and Budget, and the National Economic Council—considered various approaches, focusing on tax cuts for households and businesses. In the end, the Economic Stimulus Act of 2008 contained mainly tax cuts, along with an extension of unemployment insurance benefits.

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