The World Economic Crisis and the Federal Reserve’s Response to it: August 2007-December 2008
Bibliographic record
Abstract
The world economy is clearly in the midst of a crisis as deep and profound as the Great Depression of the 1930s. The crisis began in 2006 in the US housing and related mortgage markets, but it soon spread to the rest of the US economy and then to the rest of the world. In August 2007, the turmoil moved from the securitized US mortgage markets to the interbank dollarfunding market, causing the latter to freeze up. Worries about the extent and distribution of the mortgage-related losses had become so extensive that market participants no longer had faith in one another’s credit-worthiness, and the market that provides US banks and other dollar-based financial institutions with their liquidity became illiquid as a result. An already very troubled financial system was imploding because the large commercial banks, investment houses, and insurance companies that were at the heart of the US financial system could not borrow short-term from one another, and this was happening just when a loss of confidence was sending liquidity preferences soaring. Then in September 2008, the entire US banking and financial system collapsed as a social financial system in a period of acute turmoil as violent and decisive as that of the 1931 banking crisis. From this point forward, what, at first, appeared as a US-based “subprime mortgage market crisis” revealed itself to be a world economic crisis of major proportions.
Fetched live from OpenAlex and de-inverted. Abstracts are not stored in this database: the inverted indexes are 8.6 GB of the frame’s 9.3 GB of text, and the host has 13 GB free.
How this classification was reachedexpand
Full frame machine prediction
Teacher imitationNot calibrated prevalence, not ground truth. Human validation pending. The Gemma side is a direct model label for every work in the frame, read from the title-only record. The Codex side is a classifier learned from the 10,348 direct Codex labels and calibrated to design-weighted sample rates; fields without enough sample support carry no Codex call. Candidate is the union of the two sides; consensus is their intersection. These outputs are machine_predicted_unvalidated and are not human labels.
Distilled classifier scores by category (both heads)
| Category | Codex | Gemma |
|---|---|---|
| Metaresearch | 0.001 | 0.005 |
| Meta-epidemiology (narrow) | 0.001 | 0.000 |
| Meta-epidemiology (broad) | 0.000 | 0.000 |
| Bibliometrics | 0.001 | 0.002 |
| Science and technology studies | 0.003 | 0.001 |
| Scholarly communication | 0.009 | 0.003 |
| Open science | 0.001 | 0.002 |
| Research integrity | 0.008 | 0.005 |
| Insufficient payload (model declined to judge) | 0.014 | 0.004 |
Machine scores (provisional)
The two teacher heads of the student model, read on this work. A score orders the frame for review; it never asserts a category, and the validation status ships verbatim with every row.
Baseline scores from an immature model (maturity gate not passed, 7 training rounds). Scores rank; they never assert a category.
score_only:v0-immature-baseline · verbatim from the scoring run: score_only means the number may rank works, and no category label ships from itClassification
machine, unvalidatedMachine predicted; a candidate call from one source (direct Gemma or distilled Codex), not a consensus.
How this classification was reached, model by model and score by score, is at the end of the page under "How this classification was reached".