Mishkin on Financial Meltdown of 2008

Dr. Mishkin is featured prominently in the film we are now watching.  I'm only going to attach the link for your interest.  Here is the abstract, however:


ABSTRACT
This paper examines what transformed a significant, but relatively mild, financial disruption into a
full-fledged financial crisis. It discusses why, although the Lehman Brothers bankruptcy was a key
trigger for the global financial crisis, three other events were at least as important: the AIG collapse
on September 16, 2008; the run on the Reserve Primary Fund on the same day; and the struggle to
get the Troubled Asset Relief Plan (TARP) plan approved by Congress over the following couple of
weeks. The paper then looks at the policy responses to the financial crisis to evaluate whether they
helped avoid a worldwide depression. The paper ends by discussing the policy challenges raised in
the aftermath of the crisis.


http://www0.gsb.columbia.edu/faculty/fmishkin/papers/nberwp.w16609.pdf