How the U.S. Federal Reserve began actively intervening in markets Walter Bagehot's Lombard Street, published in 1873 in the wake of a devastating London bank c

praise for FISCHER BLACK AND THE REVOLUTIONARY IDEA OF FINANCE "The story of Fischer Black. . . . is remarkable both because of the creativity of the man and be

A distinguished economist examines competition, regulation, and stability in today's global banks Does too much competition in banking hurt society? What polici

Why stable banking systems are so rare Why are banking systems unstable in so many countries—but not in others? The United States has had twelve systemic bank

“Excellent… and written in a gripping style.” —The Economist During the upheavals of 2007–09, the chairman of the Federal Reserve had the name of one