At a December 2007 AEI conference, five AEI economists had widely divergent views about the direction the economy is likely to take, but they agreed to revisit the issue when there were more data available about the scope of market turmoil and the health of the economy. In the four months since, the creditors and counterparties of Bear Stearns have been bailed out by the Federal Reserve through a sale to JPMorgan Chase, and where the current turmoil in the housing and financial markets will lead is still in doubt. Eminent economist Allan H. Meltzer has been added to the panel for his distinctive approach and his knowledge of Federal Reserve policy. The panelists will provide their assessments of the present and future of the financial markets and the economy and will identify what--if anything--policymakers should do. AEI’s Peter J. Wallison will moderate.
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What Lies Beyond the Credit Crunch? Part II
About the Author
Charles W.
Calomiris
Calomiris
- Charles W. Calomiris, who codirected AEI's Financial Deregulation Project until 2007, is concurrently the Henry Kaufman Professor of Financial Institutions at Columbia Business School. He is also a research associate at the National Bureau of Economic Research, a member of the Shadow Financial Regulatory Committee and the Financial Economists Roundtable, and the coordinator of the "Bank Performance and the Economy" program at the Center for Financial Research at the Federal Deposit Insurance Corporation. His research at AEI spans several areas, from banking and corporate finance to financial history and monetary economics. Mr. Calomiris also served on the 2000 International Financial Institution Advisory Commission. Known as the Meltzer Commission, this congressionally mandated group recommended specific reforms of the International Monetary Fund, the World Bank, the regional development banks, and the World Trade Organization to the U.S. government.
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Phone: 2128548748
Email: ccalomiris@aei.org
- Before joining AEI, Mr. Hassett was a senior economist at the Board of Governors of the Federal Reserve System and an associate professor of economics and finance at the Graduate School of Business of Columbia University, as well as a policy consultant to the Treasury Department during the George H. W. Bush and Clinton administrations. He served as an economic adviser to the George W. Bush 2004 presidential campaign and as Senator John McCain's chief economic adviser during the 2000 presidential primaries. He also served as a senior economic adviser to the McCain 2008 presidential campaign. Mr. Hassett is a columnist for National Review.
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Phone: 202-862-7157
Email: khassett@aei.org -
Assistant Info
Name: Veronika Polakova
Phone: 202-862-4880
Email: veronika.polakova@aei.org
- John H. Makin is a former consultant to the U.S. Treasury Department, the Congressional Budget Office, and the International Monetary Fund. He specializes in international finance and financial markets (stock, bonds, and currencies including the Euro and the U.S. dollar). He also researches the U.S. economy (including monetary policy and tax and budget issues), the Japanese economy, and European economies. He is the author of numerous books and articles on financial, monetary, and fiscal policy. Mr. Makin writes AEI's monthly Economic Outlook.
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Phone: 202-862-5828
Email: jmakin@aei.org -
Assistant Info
Name: Daniel Hanson
Phone: 202-862-5883
Email: daniel.hanson@aei.org
Allan H.
Meltzer
Meltzer
- Allan H. Meltzer is the Allan H. Meltzer University Professor of Political Economy at Carnegie Mellon University. He is the author of History of the Federal Reserve, Volume I: 1913-1951 (University of Chicago Press, 2002), a definitive research work on the Federal Reserve System. He has been a member of the President's Economic Policy Advisory Board, an acting member of the President's Council of Economic Advisers, and a consultant to the U.S. Treasury Department and the Board of Governors of the Federal Reserve System. In 1999 and 2000, he served as the chairman of the International Financial Institution Advisory Commission, which was appointed by Congress to review the role of the International Monetary Fund, the World Bank, and other institutions. The author of several books and numerous papers on economic theory and policy, Mr. Meltzer is also a founder of the Shadow Open Market Committee.
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Phone: 4122682282
Email: ameltzer@aei.org
- Peter J. Wallison, a codirector of AEI's program on financial policy studies, researches banking, insurance, and securities regulation. As general counsel of the U.S. Treasury Department, he had a significant role in the development of the Reagan administration's proposals for the deregulation of the financial services industry. He also served as White House counsel to President Ronald Reagan and is the author of Ronald Reagan: The Power of Conviction and the Success of His Presidency (Westview Press, 2002). His other books include Competitive Equity: A Better Way to Organize Mutual Funds (2007); Privatizing Fannie Mae, Freddie Mac, and the Federal Home Loan Banks (2004); The GAAP Gap: Corporate Disclosure in the Internet Age (2000); and Optional Federal Chartering and Regulation of Insurance Companies(2000). He also writes for AEI's Financial Services Outlook series.
Read Peter Wallison's Dissent from the Majority Report of the Financial Crisis Inquiry Commission -
Phone: 2028625864
Email: pwallison@aei.org -
Assistant Info
Name: Steffanie Hawkins
Phone: 2024195212
Email: steffanie.hawkins@aei.org
- Desmond Lachman joined AEI after serving as a managing director and chief emerging market economic strategist at Salomon Smith Barney. He previously served as deputy director in the International Monetary Fund's (IMF) Policy Development and Review Department and was active in staff formulation of IMF policies. Mr. Lachman has written extensively on the global economic crisis, the U.S. housing market bust, the U.S. dollar, and the strains in the euro area. At AEI, Mr. Lachman is focused on the global macroeconomy, global currency issues, and the multilateral lending agencies.
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Phone: 202-862-5844
Email: dlachman@aei.org
Vincent R.
Reinhart
Reinhart
- Vincent Reinhart, a former director of the Federal Reserve Board's Division of Monetary Affairs, joined AEI in 2008 after working on domestic and international aspects of U.S. monetary policy at the Fed for more than two decades. He held a number of senior positions in the Divisions of Monetary Affairs and International Finance and served for the last six years of his Federal Reserve career as secretary and economist of the Federal Open Market Committee. Mr. Reinhart worked on topics as varied as economic bubbles and the conduct of monetary policy, auctions of U.S. Treasury securities, alternative strategies for monetary policy, and the efficient communication of monetary policy decisions. At AEI, he has continued his work on all of the above in addition to research on key economic variables before and after adverse global and country-specific shocks, policy mistakes leading to the 2007-09 financial meltdown, and the implementation and impact of quantitative easing.
- Email: vincent.reinhart@aei.org
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Assistant Info
Name: Rohan Poojara
Phone: 202-862-5852
Email: rohan.poojara@aei.org
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