Financial Crises
The Fed’s Many-Headed Dilemma
According to Prof. William B. English, when Silicon Valley Bank collapsed and sent ripples through the financial system, the Federal Reserve’s challenge of pursuing maximum employment and low inflation “got even harder.”

Study: Margin Trading Causes Stock Prices to Drop in Concert
During financial crises, stocks tend to fall together more than they should. A new study co-authored by Yale SOM’s Heather Tookes suggests that margin trading plays a substantial role in driving this downward spiral.
Should Governments Print Money to Make It through the Pandemic?
Central banks should consider bona fide debt monetization—money-printing—to help their governments cover some of the costs of the pandemic, argue Greg Feldberg of the Yale Program on Financial Stability and Aidan Lawson, a former YPFS research associate.
Awaiting the Will to Ensure Financial Market Stability
In a conversation with Yale SOM’s Andrew Metrick, Paul Tucker, chair of the Systemic Risk Council and former deputy governor for financial stability at the Bank of England, says that financial markets are still facing serious stability risks.
How is Mexico Navigating the COVID Financial Crisis?
In a recent online conversation hosted by Yale SOM, Mexico’s chief central banker discussed the country’s response to the economic distress caused by COVID-19—the country’s third financial crisis in recent decades.
We Need Better Data for Better Crisis-Fighting
The market crash sparked by the COVID pandemic exposed the weaknesses in the financial data we collect, writes Greg Feldberg of the Yale Program on Financial Stability. Better financial data would enable more targeted efforts and better ex-post analysis.
Is it Time to Shut Down the Fed’s COVID Stimulus Programs?
Prof. Andrew Metrick, director of the Yale Program on Financial Stability, says that the four emergency lending programs recently shut down by Treasury Secretary Steven Mnuchin are an insurance policy that may be badly needed in 2021.
Holding Up a Mirror to the First Global Stock Bubble
Yale SOM’s William Goetzmann, an expert in art and finance history, showed us satirical prints documenting the first global stock bubble, three centuries ago.
Can Government Contain the Economic Crisis?
Prof. Andrew Metrick, director of the Yale Program on Financial Stability, says that fighting a crisis is different from economic policymaking in normal times; governments need to be exceptionally generous and not get bogged down in stringent processes that keep money from getting to those in need.
A Federal Program Is Supposed to Keep Midsize Businesses Afloat. Why Isn’t It Reaching Them?
Yale SOM’s William English explains how the Main Street Lending Program fits into the array of federal stimulus efforts and offers proposals for making it work better.
Faculty Viewpoints: The Economic Policy Response
In an online conversation, Yale faculty members discussed the steps already taken to prevent the COVID-19 crisis from turning into economic catastrophe, and the need for more effective healthcare policies.