Board of Governors of the Federal Reserve System

BOARD OF GOVERNORS OFTHE - ' WASHINGTON, D.C. 20551 October 14, 1983 TO: FOMC Members FROM: S. H. Axilrod Attached Is a copy of the briefing

financial-crisis predictors does not necessarily provide a valid basis...crisis. For the postwar period, the credit aggregate performs better than

crisis and its aftermath soon became the Federal Reserve’s main focus....crisis and its aftermath, however, have raised even greater challenges

crisis will weigh heavily on economic activity, employment, and inflation

responses from CFOs of U.S. firms in nonfinancial industries who provided...response to an interest rate increase.” If the latter response is chosen

crisis.1 This type of ring-fencing occurs suddenly and unilaterally. Both...crisis, much of our collective orientation was on maximizing the efficient

pre-crisis history of foreign firms operating in the United States. First...crisis revealed that in times of stress, international banking firms with

crisis. ∗The views expressed in this manuscript are those of the authors...crisis witnessed a severe disruption of financial intermediation in many

crisis that started in the summer of 2007. One reason is that it was based...crisis. The third type of systemic risk is contagion in the banking system

response to persisting, unforeseen shifts in the multiplier relationship