New Book: No Way Out: Persistent Government Interventions in the Great Contraction

No Way Out: Persistent Government Interventions in the Great Contraction

FOR IMMEDIATE RELEASE: March 2013

The 2008 financial crisis and its aftermath have created an extraordinary period in monetary and fiscal policy in the United States. But an expanded role of government in the economy as a reaction to trying times may lead to more harm than good.

In a new book titled “No Way Out: Persistent Government Interventions in the Great Contraction” (AEI Press, February 2013), editor Vincent R. Reinhart, managing director and chief US economist at Morgan Stanley and a former resident scholar at the American Enterprise Institute (AEI), brings together an array of professional and academic authors to generate a narrative of the financial crisis. They explore the mismatched market incentives and government policies that precipitated the crisis and evaluate the possibility of likely recurrences. Their story demonstrates that government can do better, but only if it follows historical evidence, not popular opinion, to respond to financial crises.

INTERVIEW REQUESTS:
To reach the authors, please contact Veronika Polakova at veronika.polakova@aei.org or 202.862.4880. For media inquiries, please contact mediaservices@aei.org or 202.862.5829

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About the Author

 

Vincent R.
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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