Informed postmortems of Ben Bernanke’s Fed chairmanship will judge favorably the Fed's creative and aggressive policy initiatives from autumn 2008 through early 2009.
Responses
© 2025. Kent A. Clark Center for Global Markets.
9%
2%
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0%
11%
37%
41%
Responses weighted by each expert's confidence
© 2025. Kent A. Clark Center for Global Markets.
0%
0%
9%
34%
56%
Participant |
University |
Vote |
Confidence |
Bio/Vote History |
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![]() Daron Acemoglu |
MIT | Bio/Vote History | ||
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![]() Alberto Alesina |
Harvard | Did Not Answer | Bio/Vote History | |
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![]() Joseph Altonji |
Yale | Bio/Vote History | ||
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![]() Alan Auerbach |
Berkeley | Bio/Vote History | ||
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![]() David Autor |
MIT | Bio/Vote History | ||
This is hearsay because I don't "do" monetary policy. But everything I've read says that Ben was extraordinarily creative and effective.
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![]() Katherine Baicker |
University of Chicago | Bio/Vote History | ||
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![]() Abhijit Banerjee |
MIT | Bio/Vote History | ||
He had to find creative ways to get around a number of institutional constraints to do the needful and he did
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![]() Marianne Bertrand |
Chicago | Bio/Vote History | ||
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![]() Markus Brunnermeier |
Princeton | Bio/Vote History | ||
The ultimate judgement will depend on the exit strategy and how easily the fed will return to a more rule-based policy.
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![]() Raj Chetty |
Harvard | Did Not Answer | Bio/Vote History | |
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![]() Judith Chevalier |
Yale | Did Not Answer | Bio/Vote History | |
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![]() Janet Currie |
Princeton | Bio/Vote History | ||
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![]() David Cutler |
Harvard | Bio/Vote History | ||
I don't like the "informed postmortems" part. There is little agreement in macro.
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![]() Angus Deaton |
Princeton | Bio/Vote History | ||
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![]() Darrell Duffie |
Stanford | Bio/Vote History | ||
Strong action as a lender of last resort was essential. This is what central banks do. In this instance, innovation by the Fed was crucial.
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![]() Aaron Edlin |
Berkeley | Bio/Vote History | ||
Future views of the past are hard to predict with precision. That said, things would probably have been much worse without the Feds actions
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![]() Barry Eichengreen |
Berkeley | Bio/Vote History | ||
Fed could have been even more aggressive. Could have recognized problems in shadow banking system earlier. But hindsight is 20/20.
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![]() Liran Einav |
Stanford | Bio/Vote History | ||
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![]() Ray Fair |
Yale | Bio/Vote History | ||
Let's see how the unwinding works. Also, some of the policies had bad income-distribution consequences and some were fiscal policies.
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![]() Amy Finkelstein |
MIT | Bio/Vote History | ||
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![]() Pinelopi Goldberg |
Yale | Bio/Vote History | ||
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![]() Austan Goolsbee |
Chicago | Bio/Vote History | ||
No Ben, no avoiding depression. Full stop.
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![]() Michael Greenstone |
University of Chicago | Bio/Vote History | ||
The counterfactual state of the world with muted, Fed responses is an ugly one.
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Robert Hall |
Stanford | Bio/Vote History | ||
Generally true. Some doubts about whether it would have been possible to impose haircuts on debtholders rather than use public funds.
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![]() Oliver Hart |
Harvard | Bio/Vote History | ||
A policy where the Fed let financial institutions go bankrupt or helped home-owners directly might have been better, but we will never know
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![]() Bengt Holmström |
MIT | Bio/Vote History | ||
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![]() Caroline Hoxby |
Stanford | Bio/Vote History | ||
In retrospect, some responses seem prescient, others misguided or based on false premises. Phil Swagel's paper is a great read on this.
-see background information here |
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![]() Hilary Hoynes |
Berkeley | Bio/Vote History | ||
It is hard to have confidence on this opinion. It is difficult to predict how history will play out; this is not just "economic" predictions
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![]() Kenneth Judd |
Stanford | Bio/Vote History | ||
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![]() Steven Kaplan |
Chicago Booth | Bio/Vote History | ||
The financial crisis was a solvency crisis. The Bernanke (and Paulson) actions were instrumental in keeping the financial sector solvent.
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![]() Anil Kashyap |
Chicago Booth | Bio/Vote History | ||
Public may not appreciate this, but Bernanke's Fed helped stave off Depression 2.0. Record before and after will be more controversial.
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![]() Pete Klenow |
Stanford | Bio/Vote History | ||
![]() Jonathan Levin |
Stanford | Bio/Vote History | ||
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![]() Eric Maskin |
Harvard | Bio/Vote History | ||
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![]() William Nordhaus |
Yale | Bio/Vote History | ||
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![]() Maurice Obstfeld |
Berkeley | Bio/Vote History | ||
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![]() Emmanuel Saez |
Berkeley | Bio/Vote History | ||
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![]() Larry Samuelson |
Yale | Bio/Vote History | ||
We'll never know the counterfactual, but there is reason to believe that Ben Bernanke helped avert disaster, despite an ineffective Congress
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![]() José Scheinkman |
Columbia University | Bio/Vote History | ||
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![]() Richard Schmalensee |
MIT | Bio/Vote History | ||
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![]() Carl Shapiro |
Berkeley | Bio/Vote History | ||
Important not to forget how dire the situation was at that time.
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![]() Robert Shimer |
University of Chicago | Bio/Vote History | ||
More subjective than most questions. Likely that economists will disagree about this in the future. But I judge Bernanke's actions favorably
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![]() Hyun Song Shin |
Princeton | Did Not Answer | Bio/Vote History | |
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![]() Nancy Stokey |
University of Chicago | Bio/Vote History | ||
Bernanke understood very well the policy errors of the Fed during the Great Depression and had the courage to avoid repeating them.
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![]() Richard Thaler |
Chicago Booth | Bio/Vote History | ||
Hard to predict what hindsight will suggest, but it think he did well in extremely difficult times.
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![]() Christopher Udry |
Northwestern | Bio/Vote History | ||
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