2009金融危机与政策反应.pdf

NBER WORKING PAPER SERIES

THE FINANCIAL CRISIS AND THE POLICY RESPONSES:
AN EMPIRICAL ANALYSIS OF WHAT WENT WRONG


John B. Taylor

NATIONAL BUREAU OF ECONOMIC RESEARCH
1050 Massachusetts Avenue
Cambridge, MA 02138
January 2009

This paper is an empirical investigation of the role of government actions and interventions in the
financial crisis that flared up in August 2007. It integrates and summarizes several ongoing empirical
research projects with the aim of learning from past policy. The evidence is presented in a series of
charts which are backed up by statistical analysis in these research projects.