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Journal Article
Banking Policy Review: Did Dodd–Frank End ‘Too Big to Fail’?
Postcrisis bank reform was intended to end market perceptions that if a big bank fails, the government will have no choice but to bail it out. Ryan Johnston examines the evidence from recent studies.
Journal Article
Banking Policy Review: Did Dodd–Frank End 'Too Big to Fail'?
Postcrisis bank reform was intended to end market perceptions that if a big bank fails, the government will have no choice but to bail it out. Ryan Johnston examines the evidence from recent studies.
Discussion Paper
Assisting Firms during a Crisis: Benefits and Costs
Public and private efforts to reduce COVID-19 infection levels have led to a sharp drop in economic activity around the world. In an attempt to mitigate the damage to businesses, governments around the world have implemented a variety of financial programs to help firms. These programs have been criticized as interfering with markets, providing bailouts, and creating adverse incentives. In this article, I review both the rationale for government-provided assistance and the costs of providing that assistance from the perspective of how that aid effects the likely level and volatility of ...