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American Economic Review: Vol. 103 No. 3 (May 2013)


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Glass-Steagall: A Requiem

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Lucas, Robert E Jr. 2013. "Glass-Steagall: A Requiem." American Economic Review, 103(3): 43-47.

DOI: 10.1257/aer.103.3.43


This paper is a discussion of monetary efficiency, monetary safety, and the relation of the 1933 Glass-Steagall Act to both. It contains speculation about whether a modified version of the Act could have postponed or prevented the crisis of 2008.

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Lucas, Robert E. Jr. (U Chicago)

JEL Classifications

E31: Price Level; Inflation; Deflation
E44: Financial Markets and the Macroeconomy
E52: Monetary Policy
E58: Central Banks and Their Policies
G21: Banks; Depository Institutions; Micro Finance Institutions; Mortgages
G28: Financial Institutions and Services: Government Policy and Regulation
N22: Economic History: Financial Markets and Institutions: U.S.; Canada: 1913-

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