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Fed Offers Its First Academic Assessment of the Credit Crunch
The Federal Reserve Bank of St. Louis has published the government’s first analytical retrospective on the credit crisis.
The article published today in the Federal Reserve Bank of St. Louis Review was written by Paul Mizen, a professor at the University of Nottingham and a visiting scholar at the St. Louis Fed. Mizen assigns little blame for the crisis (he calls it a “credit squeeze,” which he defines as “a milder version of a full-blown credit crunch”) on the Fed. Instead, he largely points to fundamental mispricing of risk as the culprit, a result of what he called financial innovation. He argues that regulators need to add regulation and supervision to minimize the systemic risks from “rapid financial innovation.”
Click here to download Mizen’s paper.
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