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Lessons Learned: William Nelson

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Abstract

William Nelson was deputy director, Division of Monetary Affairs, at the Federal Reserve Board during the Global Financial Crisis of 2007-09 (GFC). As the nation's central bank, chief financial regulator, and lender of last resort, the Federal Reserve Board took the lead in setting monetary policy and stabilizing the financial system during the crisis. Nelson's responsibilities at the Fed during the crisis included analysis of monetary policy and discount window policy as well as financial institution supervision, and he regularly briefed the board and the Federal Open Market Committee. He developed special expertise in designing liquidity facilities and was a member of the Large Institution Supervision Coordinating Committee (LISCC) and the steering committee of the Comprehensive Liquidity Analysis and Review (CLAR). This "Lessons Learned" is based on an interview with Mr. Nelson.:

Suggested Citation

  • Ward, Sandra, 2021. "Lessons Learned: William Nelson," Journal of Financial Crises, Yale Program on Financial Stability (YPFS), vol. 3(4), pages 38-40, April.
    • Handle: RePEc:ysm:ypfsfc:3466
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    File URL: https://elischolar.library.yale.edu/cgi/viewcontent.cgi?article=1242&context=journal-of-financial-crises
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    Keywords

    Discount window; emergency lending; Federal Reserve Board; Federal Open Market Committee; Global Financial Crisis; monetary policy; Section 13(3) of the Federal Reserve Act;
    All these keywords.

    JEL classification:

    • G01 - Financial Economics - - General - - - Financial Crises
    • G28 - Financial Economics - - Financial Institutions and Services - - - Government Policy and Regulation

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