Laurence M. Ball is professor of economics at The Johns Hopkins University. He has previously worked as a Visiting Scholar at the Board of Governors of the Federal Reserve, foreign central banks including the Bank of England and Bank of Japan, and at the International Monetary Fund.
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The bankruptcy of the investment bank Lehman Brothers was the pivotal event of the 2008 financial crisis and the Great Recession that followed. Ever since the bankruptcy, there has been heated debate about why the Federal Reserve did not rescue Lehman in ... SEE MORE