The Financial Crisis Inquiry Commission and Economic Research
Journal of Economic Perspectives
vol. 38,
no. 2, Spring 2024
(pp. 43-62)
(Complimentary)
Abstract
Researchers and economic research were essential to the success of the Financial Crisis Inquiry Commission. For example, researchers submitted testimony, briefed commissioners, and spoke with our staff in recorded interviews. They also provided access to key data sources and helped us use them. Although we started our investigation barely one year after the height of the crisis, there was already a strong core of early, empirical research grappling with many of our key questions, such as why investors ran certain markets, why incentive problems pervaded securitization markets, and why risk management failed at so many large companies. We also benefited from the wealth of research exploring developments in financial markets leading up to the crisis. The process to build the research staff on a tight deadline was chaotic, and we needed people willing to work long hours, work on a team, and follow the evidence wherever it took us.Citation
Edelberg, Wendy, and Greg Feldberg. 2024. "The Financial Crisis Inquiry Commission and Economic Research." Journal of Economic Perspectives, 38 (2): 43-62. DOI: 10.1257/jep.38.2.43Additional Materials
JEL Classification
- E32 Business Fluctuations; Cycles
- E44 Financial Markets and the Macroeconomy
- G01 Financial Crises
- G10 General Financial Markets: General (includes Measurement and Data)
- G20 Financial Institutions and Services: General
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