Michael Schultz

Why the Federal Reserve Failed to See the Financial Crisis of 2008: The Role of "Macroeconomics" as a Sense making and Cultural Frame

September 1, 2014 • Working Papers • By Jonah Stuart Brundage, Michael Schultz and Neil Fligstein

Abstract One of the puzzles about the financial crisis of 2008 is why the regulators were so slow to recognize the impending collapse of the financial system. In this paper,…