14 abril 2012

Ben Bernanke -FED-Crisis

El Presidente de la Reserva Federal de los EE..UU., Bern Bernanke ha impartido uncurso magistral (cuatro conferencias) a los alumnos de grado de la Escuela de Negocios de la George Washington University, Washington D.C., los días 20, 22, 27  y 29 de marzo, regresando de este modo a sus raíces académicas. Recordemos que Bernanke es catedrático de Economía en excedencia de Princenton University desde que fue nombrado Presidente de la Reserva Federal en 2006.

20 de marzo: "Origen y Misión de la Reserva Federal"

En la primera conferencia, Bernanke explica la función de los bancos centrales, el origen de la banca central en los Estados Unidos, y las primeras experiencias de la Reserva Federal para hacer frente a una grave crisis financiera: la Gran Depresión.

22 de marzo: "La Reserva Federal después de la II Guerra Mundial"

En la segunda conferencia, Bernanke examina la evolución de la banca central desde la Segunda Guerra Mundial y el origen y las causas de la reciente crisis financiera.

27 de marzo: "La respuesta de la Reserva Federal a la Crisis Financiera"

En la tercera conferencia, Bernanke describe las medidas de estabilidad financiera adoptadas por la Reserva Federal para hacer frente a la crisis financiera y la recesión económica.

29 de marzo: "Las consecuencias de la Crisis Financiera"

En la cuarta conferencia, Bernanke analiza las medidas de política monetaria adoptadas por la Reserva Federal para hacer frente a la recesión económica, la lenta recuperación de la economía americana, los cambios en la regulación financiera que siguió a la crisis, y las implicaciones de la crisis financiera para la actuación del banco central en el futuro.

Finalmente, como buen académico, Ben Bernanke recomendó a los alumnos una lista de lecturas complementarias a su Curso Magistral.

Economic and Financial History
Ahamed, Liaquat (2009).  Lords of Finance:  The Bankers Who Broke the World.  New York:  Penguin 
Description:  Explores the roles and actions of four central bankers before, during, and after the 
world economic collapse of the late 1920s.
Bernanke, Ben S. (1995).  “The Macroeconomics of the Great Depression:  A Comparative Approach,” 
Journal of Money, Credit and Banking, vol. 27 (February), pp. 1–28.
Description:  A selective survey of research on the Great Depression, with emphasis on insights 
drawn from a comparative approach that examines the experiences of many countries 
–––––– (2000).  Essays on the Great Depression.  Princeton, N.J.:  Princeton University Press.
Description:  A compilation of the author’s research (with various coauthors) on the 
macroeconomics of the Great Depression.
–––––– (2004).  “The Great Moderation,” speech delivered at the meetings of the Eastern Economic 
Association, Washington, February 20, 
–––––– (2004).  “Money, Gold, and the Great Depression,” speech delivered at the H. Parker Willis 
Lecture in Economic Policy, Washington and Lee University, Lexington, Va., March 2, 

Friedman, Milton, and Anna Jacobson Schwartz (1965).  The Great Contraction, 1929–1933.  Princeton, N.J.:  Princeton University Press.
Description:  Argues that the Federal Reserve could have stemmed the severity of the 
Depression but failed to exercise its role of managing the monetary system and ameliorating 
banking panics.Gorton, Gary (1985).  “Clearinghouses and the Origin of Central Banking in the United States,” Journal of Economic History, vol. 45 (June), pp. 277–83.

McCulley, Richard T. (1992).  Banks and Politics during the Progressive Era:  The Origins of the Federal Reserve System, 1897–1913.  New York:  Garland.
Samuelson, Robert J. (2008).  The Great Inflation and Its Aftermath:  The Past and Future of American 
Affluence.  New York:  Random House.
Description:  Traces the origins and rise of double-digit inflation in the 1970s and the decline in 
inflation during the recession of 1981–82.
Wicker, Elmus (1996).  The Banking Panics of the Great Depression, Studies in Macroeconomic History.  New York:  Cambridge University Press.
Description:  A study of five U.S. banking panics of the Great Depression.  The author 
reconstructs a narrative of each of the disturbances, investigating their origins, magnitude, and 
–––––– (2000).  Banking Panics of the Gilded Age.  New York:  Cambridge University Press.

Monetary Policy and Central Banking
Bernanke, Ben S. (2011).  “The Effects of the Great Recession on Central Bank Doctrine and Practice,” 
speech delivered at the Federal Reserve Bank of Boston 56th Economic Conference, Boston, 
October 18, www.federalreserve.gov/newsevents/speech/bernanke20111018a.htm.
Goodhart, C. A. E. (1995).  The Central Bank and the Financial System.  Cambridge, Mass.:  MIT Press.
Description:  Assesses the role of the central bank in the modern financial system.  This book 
brings together 21 of the author’s previously published articles about the changing functions of 
central banks over time, recent efforts to maintain price stability, and debates over specific 
financial regulation proposals in the United Kingdom.

Financial Crisis
Bernanke, Ben S. (2010).  “Monetary Policy and the Housing Bubble,” speech delivered at the Annual 
Meeting of the American Economic Association, Atlanta, January 3, 
–––––– (2010).  “Causes of the Recent Financial and Economic Crisis,” statement before the Financial 
Crisis Inquiry Commission, Washington, September 2,
Covitz, Daniel M., Nellie Liang, and Gustavo A. Suarez (2009).  “The Evolution of a Financial Crisis:  Panic 
in the Asset-Backed Commercial Paper Market,” Finance and Economics Discussion Series 
2009-36.  Washington:  Board of Governors of the Federal Reserve System, September, 
Description:  This paper examines the substantial contraction in asset-backed commercial paper 
(ABCP) from August 2007 through December 2007 to better understand the origins of the 
financial crisis.  The authors conduct a comprehensive empirical analysis of runs in the ABCP 
market during that period.

Financial Crisis Inquiry Commission (2011).  The Financial Crisis Inquiry Report:  Final Report of the 
National Commission on the Causes of the Financial and Economic Crisis in the United States, 
authorized ed.  New York:  Public Affairs.
Description:  The Financial Crisis Inquiry Commission was established to examine the causes of 
the recent financial and economic crisis in the United States. The final report presents the 
Commission’s findings and conclusions and also includes dissenting views. 
Gorton, Gary B., and Andrew Metrick (2012).  “Getting Up to Speed on the Financial Crisis:  A OneWeekend-Reader’s Guide,” NBER Working Paper Series 17778.  Cambridge, Mass.:  National 
Bureau of Economic Research, January, www.nber.org/papers/w17778.
Description:  The authors select and summarize 16 documents about what happened during the 
financial crisis of 2007–09, including academic papers and reports from regulatory and 
international agencies.  This reading list covers facts and mechanisms in the buildup of risk, the 
panics in short-term debt markets, the policy reactions, and the real effects of the financial 

Federal Reserve Policy Responses to the Financial Crisis and the Great Recession
Bernanke, Ben S. (2009).  “Federal Reserve Programs to Strengthen Credit Markets and the Economy,” 
statement before the Committee on Financial Services, U.S. House of Representatives, 
February 10, www.federalreserve.gov/newsevents/testimony/bernanke20090210a.htm.
–––––– (2009).  “Reflections on a Year of Crisis,” speech delivered at the Federal Reserve Bank of Kansas 
City’s Annual Economic Symposium, Jackson Hole, Wyo., August 21, 
–––––– (2010).  “Federal Reserve’s Exit Strategy,” statement before the Committee on Financial 
Services, U.S. House of Representatives, February 10, 
–––––– (2010).  “Regulatory Reform Implementation,” statement before the Committee on Banking, 
Housing, and Urban Affairs, U.S. Senate, September 30,