Ben Bernanke
Ben Bernanke, an American economist, used the alias Edward Quince during the 2008 financial crisis. One email from Mr. Quince reads: "We think they are days from failure. They think it is a temporary problem. This disconnect is dangerous." The Wall Street Journal reported that the false name later became evidence in a class-action lawsuit. AIG shareholders had brought that suit against the government, after a bailout kept the company from collapsing.
The man behind the alias had run the Federal Reserve through that crisis. Before that, he had spent decades as a professor, studying how banking panics can turn a mild downturn into a catastrophe.
How does a pharmacist's son from a small South Carolina town end up steering the United States central bank? What did he believe about the Great Depression, and did that belief shape his choices when a new crisis arrived? And why did senators from both parties argue for years over whether he had rescued the economy or helped to wreck it?
Ben Shalom Bernanke was born on the 13th of December 1953 in Augusta, Georgia, and grew up on East Jefferson Street in Dillon, South Carolina. His father, Philip, was a pharmacist who also managed a theater part time. His mother, Edna, taught elementary school until her son was born, then worked at the family drugstore. Ben sometimes worked there too. He has two younger siblings, a brother named Seth, who became a lawyer in Charlotte, and a sister named Sharon, who works as an administrator at Berklee College of Music in Boston.
The drugstore came through his paternal grandfather, Jonas Bernanke, who was born in Boryslav, Austria-Hungary, on the 23rd of January 1891. Jonas arrived at Ellis Island on the 30th of June 1921, aged 30, travelling with his wife Pauline, who was 25. The ship's manifest lists Jonas as a clerk. It lists Pauline as a doctor of medicine. The family later moved from New York to Dillon in the 1940s, where Philip and his brother took over the shop.
The Bernankes were one of the few Jewish families in town, and they attended a local synagogue called Ohav Shalom. Ben learned Hebrew from his maternal grandfather, Harold Friedman, who worked as a cantor, a ritual slaughterer and a Hebrew teacher. As a teenager in the 1960s, Ben helped roll the Torah scrolls at the synagogue. He keeps his beliefs private, but his friend Mark Gertler, who chairs the economics department at New York University, says they are "embedded in who he (Bernanke) is."
School showed his ability early. In 1965 he was a contestant in the National Spelling Bee. At Dillon High School he played saxophone in the marching band and finished as class valedictorian. The school offered no calculus course, so he taught himself the subject. He scored 1590 out of a possible 1600 on the SAT and became a National Merit Scholar.
Summers were for paying bills. He waited tables and worked construction near home, and through college he kept returning to a roadside attraction called South of the Border, which combined an amusement park with a fireworks store. That restaurant job was the last stop before a very different kind of address in Massachusetts.
In 1971, Bernanke arrived at Harvard College and moved into Winthrop House. Another resident there was Lloyd Blankfein, who would later run Goldman Sachs. Bernanke graduated in 1975 with an A.B. in economics, summa cum laude and Phi Beta Kappa. On Rosh Hashanah of his first year, a fellow Dillon native named Kenneth Manning took him to services in Brookline.
He earned his Ph.D. in economics from the Massachusetts Institute of Technology in 1979. His dissertation was titled Long-Term Commitments, Dynamic Optimization, and the Business Cycle. His adviser was Stanley Fischer, who would one day lead the Bank of Israel. The readers on his committee included Irwin S. Bernstein, Rüdiger Dornbusch, Robert Solow and Peter Diamond of MIT, along with Dale Jorgenson of Harvard.
From 1979 until 1985, Bernanke taught at the Stanford Graduate School of Business. He then spent time as a visiting professor at New York University before winning tenure in the economics department at Princeton University. In 1985 his family settled in Montgomery Township, New Jersey. His children attended the local public schools, and he served six years on the township's board of education.
His academic output was large. He wrote an intermediate macroeconomics textbook with Andrew Abel, joined in later editions by Dean Croushore. He wrote an introductory textbook with Robert H. Frank. He directed the Monetary Economics Program at the National Bureau of Economic Research and edited the American Economic Review. According to IDEAS/RePEc, he ranks among the 50 most published economists in the world.
In 1996 he became chair of the Princeton department. He held that post until September 2002, when he took leave to enter public service. The research that earned him his reputation had a single, stubborn focus.
The Great Depression was Bernanke's lifelong puzzle, and he published numerous journal articles on its economic and political causes. The dominant monetarist account, from Milton Friedman, blamed the Federal Reserve for shrinking the money supply. Bernanke agreed that the Fed erred, and on several occasions he argued that one of its worst mistakes was raising interest rates too early. His own emphasis fell elsewhere, on private banks and other financial institutions.
He found that the financial disruptions of 1930-33 damaged the way credit was handed out. Loans became costlier and harder to get, which dragged down overall demand. He called this the financial accelerator. In a mild downturn, banks tend to pull back sharply from lending and other risky ventures. That hurts the economy further, setting off a vicious cycle that can turn a recession into a depression. The economist Brad DeLong, who had championed a different theory of the Depression, observed that the 2008 crisis made Bernanke's idea more pertinent.
On the 8th of November 2002, at a celebration of Milton Friedman's ninetieth birthday, Bernanke spoke as an official of the Federal Reserve. Addressing Friedman and his coauthor Anna Schwartz, he said: "Regarding the Great Depression, you're right. We did it. We're very sorry. But thanks to you, we won't do it again."
Years later the relationship soured. Bernanke cited Friedman and Schwartz when he cut interest rates to zero. Schwartz, however, was highly critical of him and wrote an opinion piece in The New York Times urging President Obama not to reappoint him.
In 2022 Bernanke shared the Nobel Memorial Prize in Economic Sciences with Douglas Diamond and Philip H. Dybvig, "for research on banks and financial crises." Their work described two forces working together. Stressed credit markets pushed up what economists call the external finance premium. Lenders tightened standards and avoided risky borrowers, while borrowers withdrew their cash, and investment spending stagnated.
The second force was the gold standard. After World War I, most countries tied their currencies to gold at fixed exchange rates. Post-war animosity among European nations undermined cooperation, and the system failed in the late 1920s. Prices, money supply and output fell with it. Together, the two forces produced a catastrophic spiral. Bernanke would soon have to decide what to do about one of those forces in real time.
On the 5th of August 2002, Bernanke joined the Board of Governors of the Federal Reserve System. One of his first speeches as a governor was titled "Deflation: Making Sure It Doesn't Happen Here." It came after business coverage had raised concerns about falling prices. In it, he argued that a government with a fiat money system controls the means of creating money, so it can always avoid deflation. His words were: "The U.S. government has a technology, called a printing press (or today, its electronic equivalent), that allows it to produce as many U.S. dollars as it wishes at no cost." The speech became known as the Bernanke doctrine.
The speech also echoed an image from Milton Friedman, a "helicopter drop" of money into the economy to fight deflation. Critics seized on it and began calling Bernanke "Helicopter Ben." In a footnote he observed that "people know that inflation erodes the real value of the government's debt and, therefore, that it is in the interest of the government to create some inflation."
On the 20th of February 2004, he delivered a different kind of speech. He proposed that the economy had entered a new era called the Great Moderation. Modern macroeconomic policy, he argued, had reduced the swings of the business cycle so much that they should no longer be a central concern of economics. Within a few years, that optimism would look hard to defend.
In 2005 he coined the phrase saving glut. The idea was that unusually high savings around the world were holding down interest rates and financing the American current account deficit. Other economists offered alternative explanations, such as weak worldwide investment combined with low American saving.
He also drew a firm line around his job. Alan Greenspan had publicly backed President Clinton's deficit reduction plan and the Bush tax cuts. Asked about taxes, Bernanke replied that they were none of his business, because his remit was monetary policy. He said fiscal questions belonged to politicians. The Wall Street Journal and a close colleague nonetheless described him as a "libertarian-Republican" in the mold of Greenspan.
On the 21st of June 2005 he left the Fed board. He became chairman of President George W. Bush's Council of Economic Advisers, a post widely read as a trial run for succeeding Greenspan. He held it until January 2006.
On the 1st of February 2006, Bernanke began a fourteen-year term as a governor and a four-year term as chairman, the 14th person to hold the chair. The job placed him on the Financial Stability Oversight Board, which watches over the Troubled Asset Relief Program. It also made him head of the Federal Open Market Committee, the body that sets monetary policy.
His first months went poorly with the press. He favored more transparency than Greenspan had offered, and wanted to state inflation goals more clearly. He backed away from that idea when such statements moved the stock market. Then the journalist Maria Bartiromo disclosed on CNBC remarks from a private conversation at the White House Correspondents' Association Dinner. She said Bernanke told her that investors had misread him as "dovish" on inflation. He was sharply criticized for commenting on Fed direction in that setting, and he called it a "lapse in judgment."
The recession began in 2007, and pressure to cut rates grew. On the 26th of November 2007, Larry Summers wrote in the Financial Times that the Fed had to "get ahead of the curve." He argued that rate levels that were neutral in normal times had become "quite contractionary today." On the 30th of January 2008, David Leonhardt of The New York Times wrote that Bernanke's forecasts had been "too sunny over the last six months." He added that those forecasts had still beaten Wall Street's in mid-2006, when Bernanke resisted calls for more rate increases because he suspected the economy was weakening.
Then the Great Recession deepened, and the measures turned unorthodox. In less than a year, the Fed pushed its funds rate from 5.25 percent down to zero. That did not calm the liquidity crisis, so the Fed began quantitative easing. From November 2008 to June 2010 it created $1.3 trillion, using the new money to buy financial assets from banks and from the government.
On the 7th of April 2010, he turned to a problem the Fed could not solve. He warned that the country needed a "credible" plan for entitlement programs such as Social Security and Medicare, or "in the longer run we will have neither financial stability nor healthy economic growth." He noted that deficit reduction means raising taxes, cutting spending, or some mix of both.
In his 2015 book, The Courage to Act, Bernanke wrote that the world economy came close to collapse in 2007 and 2008. He asserted that only the Fed's novel efforts, in cooperation with other American and foreign agencies, prevented a disaster worse than the Great Depression. Not everyone in Washington was prepared to give him credit when it came time to renew his job.
On the 25th of August 2009, President Obama stood beside Bernanke on Martha's Vineyard and announced his intention to nominate him for a second term. Obama said Bernanke's background, temperament, courage and creativity had helped prevent another Great Depression in 2008. He later called him "the epitome of calm." When Senate Banking Committee hearings opened on the 3rd of December 2009, several senators from both parties said they would not support him.
The full Senate confirmed him on the 28th of January 2010 by a vote of 70-30, the narrowest margin ever recorded for a Fed chairman at that time. A vote to end debate had passed 77-23, clearing the 60 votes needed to defeat a filibuster. The 30 dissenters were 11 Democrats, 18 Republicans and one independent.
The criticism was broad. The New York Times summarized it by saying he "has been attacked for failing to foresee the financial crisis, for bailing out Wall Street, and, most recently, for injecting an additional $600 billion into the banking system to give the slow recovery a boost."
On the 23rd of April 2009, Andrew Cuomo, then New York State Attorney General, sent Congress a letter about Bank of America's purchase of Merrill Lynch. It alleged that Bernanke and former Treasury Secretary Henry Paulson had not disclosed the size of Merrill's losses to Bank of America. It said that Ken Lewis, the bank's chief executive, told Paulson he planned to invoke the "Material Adverse Change" clause to leave the deal. Paulson allegedly summoned Lewis to Washington, in a meeting dated the 21st of December 2008. He supposedly warned Lewis that he and his board would be replaced if they invoked the clause. Paulson told Cuomo's office that Bernanke directed him to make that threat.
Congress held hearings on the 25th of June 2009. Under intense questioning, Bernanke said, "I never said anything about firing the board and the management of Bank of America." He added that the Fed did nothing illegal or unethical. Lewis told the panel that officials expressed "strong views" but declined to call their conduct improper.
On the 26th of January 2010, a Huffington Post column reported on documents from a whistleblower about the AIG bailout. Republican Senator Jim Bunning of Kentucky said on CNBC that the documents showed Bernanke overruling his own staff. Supporters from both parties replied that his actions had averted worse problems.
The AIG question returned in court. On the 9th of October 2014, Bernanke testified in Starr v. United States, a suit claiming the government cheated AIG shareholders of $40 billion. The government had demanded a 79.9 percent stake in the company in return for rescuing it. He described the stress after the government took over Fannie Mae and Freddie Mac, saying, "We very, very much did not want to make the loan." He added, "We had little information the loan would be effective." That trial also exposed the Quince alias, and The New York Times responded by inventing a cocktail called the "Rye & Quince."
Janet Yellen, nominated by President Obama on the 9th of October 2013 and confirmed by the Senate on the 6th of January 2014, took over from Bernanke on the 3rd of February 2014. She was the first woman to hold the job. His second term had ended on the 31st of January. At a January 2014 conference of the American Economic Association, he said he hoped growth was gaining momentum and felt confident the central bank could withdraw its support smoothly.
Since February 2014 he has worked as a Distinguished Fellow in Residence with the Economic Studies Program at the Brookings Institution. In an October 2014 speech, he admitted that his attempt to refinance his own home had failed. He suggested lenders "may have gone a little bit too far on mortgage credit conditions."
On the 16th of April 2015, it was announced that he would advise Citadel, the $25 billion hedge fund founded by Kenneth C. Griffin. The same month, news broke that he would also become a senior adviser at PIMCO.
The Courage to Act also contained a political confession. He wrote that he had "lost patience with Republicans' susceptibility to the know-nothing-ism of the far right." He added, "I view myself now as a moderate independent, and I think that's where I'll stay." In 2022 he published 21st Century Monetary Policy: The Federal Reserve from the Great Inflation to COVID-19, which weighs the Fed's successes and failures. The New York Times review said the book is intended to help future policymakers and "probably will."
He met his wife, Anna, a schoolteacher, on a blind date. They have two children, Joel and Alyssa. He is an ardent fan of the Washington Nationals and often attends games at Nationals Park. In 2009, The Wall Street Journal reported that he had been the victim of identity theft.
The honors accumulated. He became a Fellow of the Econometric Society in 1997 and of the American Academy of Arts and Sciences in 2001. In 2006 he received South Carolina's Order of the Palmetto and joined the American Philosophical Society. Columbia Business School gave him its Distinguished Leadership in Government Award in 2008, and Time named him Person of the Year in 2009. The BBVA Foundation honored him in 2020 in the category Economics, Finance and Management, and he joined the National Academy of Sciences in 2021.
Back in South Carolina, a commission of the state's Department of Transportation approved a resolution on the 21st of February 2009. It named Exit 190 on Interstate 95 in Dillon County the Ben Bernanke Interchange.
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Common questions
Who is Ben Bernanke?
Ben Bernanke is an American economist who served as the 14th chairman of the Federal Reserve from 2006 to 2014 and oversaw the Fed's response to the 2008 financial crisis.
What did Bernanke win the Nobel Prize for?
In 2022 he shared the Nobel Memorial Prize in Economic Sciences with Douglas Diamond and Philip H. Dybvig for research on banks and financial crises, including his analysis of the Great Depression.
Why was he called Helicopter Ben?
After a 2002 speech on avoiding deflation that echoed Milton Friedman's idea of a helicopter drop of money, critics began calling him Helicopter Ben.
Who was Edward Quince?
Edward Quince was a pseudonym Bernanke created during the 2008 crisis. It came to light as evidence in the Starr v. United States trial.
Who succeeded Bernanke at the Federal Reserve?
Janet Yellen, the first woman to hold the position, succeeded him on the 3rd of February 2014.
All sources
115 references cited across the entry
- 1ThesisLong-term commitments, dynamic optimization, and the business cycleBen Shalom Bernanke — MIT — 1979
- 3Federal Reserve Chairman Ben Bernanke to Join Economic Studies at BrookingsBrookings — February 3, 2014
- 6NewsBush Nominates Bernanke to Succeed Greenspan as Fed ChiefEdmund L. Andrews — October 24, 2005
- 8NewsObama nominates Janet Yellen to succeed Bernanke at Federal ReserveMort Zuckerman — October 9, 2013
- 9Yellen sworn in as Fed chair in brief ceremonyFebruary 3, 2014
- 10NewsBen Bernanke's 'The Courage to Act'Michael Kinsley — October 8, 2013
- 11NewsFed Chief's Boyhood Home Is Sold After ForeclosurePhillips, Michael M. — Dow Jones & Company — February 14, 2009
- 12Wessel, David. In Fed We Trust: Ben Bernanke's War on the Great Panic (New York: Crown Business, 2009), p. 69.
- 13Federal Reserve Speech: Chairman Ben S. Bernanke At the presentation of the Order of the Palmetto, Dillon, South CarolinaBoard of Governors of the Federal Reserve System — September 1, 2006
- 14NewsNew Fed chief will face an economy with issuesSue Kirchhoff — January 31, 2006
- 15MagazinePerson of the Year (2009)December 16, 2009
- 16Jonas BernankeNytstore.com — June 30, 1921
- 17Pauline BernankeNytstore.com — June 30, 1921
- 18FRB: Speech, Bernanke-Financial Access for Immigrants: The Case of Remittances-April 16, 2004The Federal Reserve Board — April 16, 2004
- 21NewsIn First Crisis on the Job, Bernanke's About-Face Is WeighedJohn M. Broder — August 20, 2007
- 22Wessel, David (2009), In Fed We Trust: Ben Bernanke's War on the Great Panic, New York: Crown Business, p. 70.
- 23MagazineFederal Reserve Chairman Ben BernankeRomero, Frances — March 16, 2009
- 24NewsBernanke is a student of Great Depression, Red SoxJohnston, Danny — October 24, 2005
- 25NewsBernanke UnwrappedWhite, Ben — November 15, 2005
- 28NewsDillon Boy Is New S. C. Champion In Spelling Bee Held at AndersonMay 9, 1965
- 29NewsAt Harvard, They Hail a Fed ChiefMichael M. Grynbaum — June 5, 2008
- 30ThesisLong-Term Commitments, Dynamic Optimization, and the Business CycleBen Shalom Bernanke — Massachusetts Institute of Technology — May 1979
- 33Krugman, Paul R. (2009). The Return of Depression Economics and the Crisis of 2008. Norton & Company. p. 10.
- 35Ben S. BernankeBoard of Governors of the Federal Reserve System
- 36NewsThe Education of Ben BernankeRoger Lowenstein — January 20, 2008
- 37NewsFed Chief Calls His Remarks A MistakeNell Henderson — May 24, 2006
- 38Obama to Nominate Bernanke to 2nd Term at FedEdmund L. Andrews — August 24, 2009
- 39NewsCalm in Crisis Won Fed JobJon Hilsenrath et al. — August 26, 2009
- 40McCain To Oppose Bernanke ReconfirmationJanuary 24, 2010
- 41Senate Vote on Bernanke Confirmation Set for ThursdaySteven Sloan
- 42NewsPopulist backlash puts Federal Reserve Chairman Ben Bernanke under siegeNeil Irwin et al. — January 23, 2010
- 43News2 Key Senators Oppose a Second Term for BernankeChan, Sewell — January 22, 2010
- 44Release: Sanders Puts Hold on BernankeDecember 2, 2009
- 45Senate Dems Not Sure They Can Get Enough Votes to Reconfirm BernankeJanuary 21, 2010
- 46U.S. Senate Roll Call VoteU.S. Senate — January 28, 2010
- 47NewsSenate confirms Bernanke for second term as Federal Reserve chairmanNeil Irwin — January 28, 2010
- 48NewsBernanke wins a second term, but it's a tepid victorySewell Chan — January 28, 2010
- 49Janet Yellen Confirmed as Fed ChairJanuary 6, 2014
- 50NewsThe Fed? Ron Paul's Not a FanSewell Chan — December 11, 2010
- 52"Lawmakers hit out at Paulson over BofA-Merrill". Reuters. July 16, 2009
- 54Meet Edward Quince, the Secret Federal Reserve Chairman in 2008Damian Paletta — October 9, 2014
- 55NewsA Crisis, an Alias, and a Cocktail with QuinceNeil Irwin — October 10, 2014
- 59BookThe Great Contraction, 1929-1933Milton Friedman et al. — Princeton University Press — 2008
- 60Bernanke's PhilosopherPenn Bullock — November 17, 2009
- 61NewsMan Without a Plananna schwartz — July 25, 2009
- 62Bernanke, Ben S., "Non-Monetary Effects of the Financial Crisis in the Propagation of the Great Depression", American Economic Review, 73 (June 1983), pp. 257–76.
- 63The Financial Accelerator and the Credit Channel, The Credit Channel of Monetary Policy in the Twenty-first Century Conference, Atlanta, GeorgiaFederal Reserve Bank of Atlanta — June 15, 2007
- 65Speech, Bernanke -Deflation- November 21, 2002US Federal Reserve Bank
- 66Governor Ben S. Bernanke, The Global Saving Glut and the U.S. Current Account DeficitUS Federal Reserve Bank — March 2005
- 67Larry Summers in The Financial TimesNovember 27, 2007
- 68NewsBernanke's Midterm TestsDavid Leonhardt — January 30, 2008
- 69NewsBernanke Celebrates Fed AchievementsJanuary 3, 2014
- 70NewsEx-Fed chief Bernanke denied loan to refinance his homeFox News — October 6, 2014
- 71Bernanke defends AIG bailout in courtMary Thompson — 2014-10-09
- 72Bernanke defends AIG bailout in court2014-10-09
- 73Former Fed Reserve Chairman Bernanke Denies Looking to Punish AIG with Bailout TermsFarkas Laura — 2014-10-13
- 74Bernanke comes alive at AIG bailout trialMary Thompson — 2014-10-10
- 76NewsBen Bernanke Will Work With Citadel, a Hedge Fund, as an AdviserAndrew Ross Sorkin et al. — April 16, 2015
- 77Pimco recruits ex-Federal Reserve chairman Ben BernankeApril 29, 2015
- 78Bernanke: I'm not really a Republican anymoreMatt Phillips — October 6, 2015
- 79NewsWhat Is the Federal Reserve's Role in the Economy? Bernanke Knows.David Leonhardt — 2022-05-17
- 82NewsBernanke Says U.S. Should Tackle DebtJon Hilsenrath — April 7, 2010
- 83NewsFederal Reserve Chairman Ben Bernanke sounds a warning on growing deficitNeil Irwin et al. — April 8, 2010
- 84NewsLet Them Go Bankrupt, Soon: Solving Social Security and MedicareRobert J. Samuelson — May 23, 2009
- 85NewsCan Obama Actually Achieve Entitlement Reform?Michael Scherer — February 23, 2009
- 86NewsBernanke Says Nation Must Take Action Soon to Shape Fiscal FutureSewell Chan et al. — April 7, 2010
- 87Ben Bernanke: FactsNobel Prize Outreach
- 92Bernanke Falls Victim to Identify TheftJon Hilsenrath and Brent Kendall — August 29, 2009
- 93Ben Bernanke, Time Mag's 2009 'Person of the Year' is JewishDecember 16, 2009
- 94Fed Nominee Bernanke Was Molded By Upbringing in Small-town SouthNovember 18, 2005
- 95Wessel, David. In Fed We Trust: Ben Bernanke's War on the Great Panic (New York: Crown Business, 2009), pp. 70–71.
- 96Book of Members, 1780–2010: Chapter BAmerican Academy of Arts and Sciences
- 99Dedication Ceremony Saturday, March 7, in Dillon For "Ben Bernanke Interchange"South Carolina Department of Transportation — March 2, 2009
- 100MagazinePerson of the Year 2009Michael Grunwald — December 16, 2009
- 1022021 NAS ElectionApril 26, 2021
- 103The Prize in Economic Sciences 2022 - Press releaseOctober 10, 2022
- 104JournalNonmonetary Effects of the Financial Crisis in the Propagation of the Great DepressionBen S. Bernanke — June 1983
- 105JournalThe Federal Funds Rate and the Channels of Monetary TransmissionBen S. Bernanke et al. — September 1992
- 106JournalSystematic Monetary Policy and the Effects of Oil Price ShocksBen S. Bernanke et al. — May 27, 1997
- 107BookInflation Targeting: Lessons from the International ExperienceBen S. Bernanke et al. — Princeton University Press — 2001
- 108BookEssays on the Great DepressionBen S. Bernanke — Princeton University Press — 2004
- 109BookMacroeconomicsAndrew B. Abel et al. — Addison–Wesley — 2007
- 110BookPrinciples of MacroeconomicsRobert H. Frank et al. — McGraw–Hill — 2007
- 111BookThe Courage to Act: A Memoir of a Crisis and Its AftermathBen S. Bernanke — W. W. Norton & Company — October 2015
- 112Notes from The Courage to ActBen S. Bernanke — W. W. Norton & Company — October 2015
- 113BookThe Federal Reserve and the Financial CrisisBen S. Bernanke — Princeton University Press — 2015
- 114BookFirefighting: The Financial Crisis and Its LessonsBen S. Bernanke et al. — Penguin Books — 2019
- 115BookFirst Responders: Inside the U.S. Strategy for Fighting the 2007-2009 Global Financial CrisisBen S. Bernanke et al. — Yale University Press — 2020
- 116Book21st Century Monetary Policy: The Federal Reserve from the Great Inflation to COVID-19Ben S. Bernanke — W. W. Norton & Company — 2023
- 117BookLombard Street: A Description of the Money MarketWalter Bagehot — Scribner, Armstrong & Company — 1873