part I. Think long / George P. Shultz. Policy principles : lessons from the Fed's past / Allan H. Meltzer. The market view : incentives matter / Peter Fisher. part II. Monetary policy in the financial crisis / Donald Kohn. Concerns about the Fed's new balance sheet / James D. Hamilton. The need for a clear and credible exit strategy / John B. Taylor -- part. III. Market-based mechanisms to reduce systemic risk / Myron Scholes. Policy issues facing the market for credit derivatives / Darrell Duffie. Should the federal reserve be a systemic stability regulator? / Andrew Crockett. Regulatory deficiencies and the bear stearns crisis / Michael Halloran. Why and how resolution policy must be improved / Richard Herring.
