Viral Acharya, Matthew Richardson , Stijn Van Nieuwerburgh, Lawrence White, 11 May 2011

At the centre of the global financial crisis was a housing boom and bust. A New York University team has produced an excellent book on the flaws in the design of US housing finance that opened the door for the mayhem that followed. This column, the first of a series of two, describes the race to the bottom that occurred among Fannie Mae, Freddie Mac, and the too-big-to-fail private financial institutions.

Mark Cassell, Susan Hoffmann, 22 September 2010

While many policymakers concerned with suppressing the global crisis are looking to the Great Depression as a guide, this column suggests that many are missing a trick. In a new book, the authors argue that the Federal Home Loan Bank, set up to solve the financial crises of the 1930s, is an unparalleled source of housing finance expertise which, with reform, could be vital to policymakers today.


CEPR Policy Research