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August 24, 2021

Analysis

Legitimacy Gap

A history of central bank independence.

We live in the age of the central bank. The financial crisis of 2008 and the COVID-19 crash of 2020 have made visible the central role of the US Federal Reserve and its overseas counterparts in the international financial system.

April 6, 2021

Analysis

Risks and Crises

On market makers and risk managers post-2008.

For a long time, Bagehot’s rule, “lend freely, against good collateral, but at a high rate,” restored the Fed’s control over the money market and helped end banking panics and systemic banking crises. This control evaporated on September 15, 2008,…