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About Us
We’re one of 12 regional Federal Reserve Banks working together with the Board of Governors to support a healthy economy. Our job is to serve the American public — to serve you. And our mission is to foster economic stability and strength.

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Economic Research
We conduct research to support policymaking and thought leadership on issues important to the Federal Reserve and the Fifth District. We also inform the public through our data and economic analysis, publications, presentations and educational resources.

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Banking & Supervision
We help ensure our financial system is operating safely and effectively, and we help support secure and efficient methods to transfer your funds through our financial system.
Education
We work with teachers, students and the public to enhance understanding of economics, personal finance and the Federal Reserve.

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- Resources & Programs
- Field Trips & Classroom Visits
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- People
Community Development
We work with community partners to identify and address economic challenges and opportunities in low- and moderate-income communities in the Fifth District.

Economic Quarterly

First Quarter 2015

The Financial Crisis: Toward an Explanation and Policy Response

This article discusses the key events of the financial crisis, examines which factors contributed to it, and considers how policymakers might most effectively respond. At the core of their discussion is the role that explicit and implicit government guarantees played in encouraging unwise risk-taking by financial institutions.

DOI: http://doi.org/10.21144/eq1010102

Contact Us

Karl Rhodes (804) 697-8144

Economic Quarterly

First Quarter 2015

The Financial Crisis: Toward an Explanation and Policy Response

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