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The Knowledge We Have Lost in Information: The History of Information in Modern Economics

Philip Mirowski and Edward Nik-Khah

Published in print:
2017
Published Online:
June 2017
ISBN:
9780190270056
eISBN:
9780190270087
Item type:
book
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780190270056.001.0001
Subject:
Economics and Finance, History of Economic Thought

In contrast with conventional histories of “economic rationality,” in this book we propose that the history of modern microeconomics is better organized as the treatment of information in postwar ... More


Common‐Value Auctions with Liquidity Needs: An Experimental Test of a Troubled‐Assets Reverse Auction

Lawrence M. Ausubel, Peter Cramton, Emel Filiz‐Ozbay, Nathaniel Higgins, Erkut Y. Ozbay, and Andrew Stocking

in The Handbook of Market Design

Published in print:
2013
Published Online:
January 2014
ISBN:
9780199570515
eISBN:
9780191765957
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780199570515.003.0021
Subject:
Economics and Finance, Financial Economics

This chapter reports the results of an experimental test of alternative auction designs suitable for pricing and removing troubled assets from banks' balance sheets as part of the financial rescue ... More


Bailouts Without End: Governments Provided Massive Bailouts to Rescue Universal Banks and Shadow Banks During the Financial Crisis

Arthur E. Wilmarth Jr. Jr.

in Taming the Megabanks: Why We Need a New Glass-Steagall Act

Published in print:
2020
Published Online:
September 2020
ISBN:
9780190260705
eISBN:
9780190260736
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/oso/9780190260705.003.0012
Subject:
Economics and Finance, Financial Economics

The Fed’s rescue of Bear Stearns and the Treasury Department’s nationalization of Fannie Mae and Freddie Mac in 2008 provoked widespread criticism. Consequently, the Fed and Treasury were very ... More


Economic Principles, Government Policy, and the Market Crisis

Chester Spatt

in Perspectives on Dodd-Frank and Finance

Published in print:
2014
Published Online:
May 2015
ISBN:
9780262028035
eISBN:
9780262325929
Item type:
chapter
Publisher:
The MIT Press
DOI:
10.7551/mitpress/9780262028035.003.0002
Subject:
Economics and Finance, Financial Economics

In this chapter, Chester Spatt argues that policymakers should rely on economic principles to formulate and evaluate policy and discusses how adherence to these principles could have improved ... More


Banking Sector Stress Tests: United States Versus the European Union

Padma Desai

in From Financial Crisis to Global Recovery

Published in print:
2011
Published Online:
November 2015
ISBN:
9780231157865
eISBN:
9780231527743
Item type:
chapter
Publisher:
Columbia University Press
DOI:
10.7312/columbia/9780231157865.003.0002
Subject:
Economics and Finance, Public and Welfare

This chapter discusses the reforms for the banking sector in the United States. In 2008, the Troubled Asset Relief Program (TARP) was initiated to advance a cash buffer to affected banks. But before ... More


Capital Purchase Program and Other TARP Support Programs

Hal S. Scott

in Connectedness and Contagion: Protecting the Financial System from Panics

Published in print:
2016
Published Online:
January 2017
ISBN:
9780262034371
eISBN:
9780262332156
Item type:
chapter
Publisher:
The MIT Press
DOI:
10.7551/mitpress/9780262034371.003.0022
Subject:
Economics and Finance, Economic History

With the onset of the financial crisis, the Troubled Asset Relief Program (TARP) was established by the Emergency Economic Stabilization Act of 2008 (EESA) to stabilize the US financial system. The ... More


Criticisms of Bailouts Generally

Hal S. Scott

in Connectedness and Contagion: Protecting the Financial System from Panics

Published in print:
2016
Published Online:
January 2017
ISBN:
9780262034371
eISBN:
9780262332156
Item type:
chapter
Publisher:
The MIT Press
DOI:
10.7551/mitpress/9780262034371.003.0023
Subject:
Economics and Finance, Economic History

This chapter discusses five general criticisms of government bailout efforts. First, taxpayers can suffer losses. While bailouts may, in the end, not be costly for taxpayers, one does not know this ... More


Specific Criticisms of TARP

Hal S. Scott

in Connectedness and Contagion: Protecting the Financial System from Panics

Published in print:
2016
Published Online:
January 2017
ISBN:
9780262034371
eISBN:
9780262332156
Item type:
chapter
Publisher:
The MIT Press
DOI:
10.7551/mitpress/9780262034371.003.0024
Subject:
Economics and Finance, Economic History

This chapter considers the major criticisms of the Troubled Asset Relief Program (TARP). The first criticism is too favorable terms for Capital Purchase Program (CPP) recipients. The Treasury ... More


Toxicity

Paul Langley

in Liquidity Lost: The Governance of the Global Financial Crisis

Published in print:
2014
Published Online:
January 2015
ISBN:
9780199683789
eISBN:
9780191763366
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780199683789.003.0004
Subject:
Business and Management, Finance, Accounting, and Banking

This chapter analyses how the global financial crisis was governed as a problem of so-called ‘toxic assets’ and ‘toxic waste’ poisoning capital markets during 2008. It covers the key interventions of ... More


Private Intellectuals and Public Perplexity: The TARP

Philip Mirowski and Edward Nik-Khah

in The Knowledge We Have Lost in Information: The History of Information in Modern Economics

Published in print:
2017
Published Online:
June 2017
ISBN:
9780190270056
eISBN:
9780190270087
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780190270056.003.0016
Subject:
Economics and Finance, History of Economic Thought

This chapter describes a more obscure chapter in the history of market design: the attempt on the part of certain market designers to supposedly “fix” the economic meltdown of 2008 by proposing to ... More


Meltdown

Kathleen C. Engel and Patricia A. McCoy

in The Subprime Virus: Reckless Credit, Regulatory Failure, and Next Steps

Published in print:
2011
Published Online:
April 2015
ISBN:
9780195388824
eISBN:
9780190258535
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:osobl/9780195388824.003.0005
Subject:
Business and Management, Political Economy

This chapter details events in 2008 as the subprime crisis unfolded. These include the placement of Fannie Mae and Freddie Mac into conservatorship; the collapse of Lehman Brothers, which sent ... More


Concealed Advantage

Lawrence R. Jacobs and Desmond King

in Fed Power: How Finance Wins

Published in print:
2021
Published Online:
March 2021
ISBN:
9780197573129
eISBN:
9780197573167
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/oso/9780197573129.003.0003
Subject:
Political Science, American Politics

Chapter 3 traces the sources of the 2008–2009 and 2020 financial and economic implosions and the winners and losers of the Fed’s massive responses. Across two distinct crises, the Fed’s policies ... More


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