G. Bodea, PhD in Economics, Associate Professor, M. Rovinaru, PhD in Economics, Associate Professor “Babes-Bolyai” University, Cluj-Napoca, Romania INSTITUTIONALISM AND CRISIS

Contemporary scientific reunions and debates are focusing, for several years, on economic crisis. As a result, there are an unnumbered ways to analyse and to interpret the crisis. Our intention, in the present paper, is to analyze the economic crisis through another perspective: through the role played by institutions. Our scientific approach aims to examine whether public institutions play a role in the onset, progression or solve an economic crisis. For this we choose as representative public institution the U.S. Federal Reserve System. To meet our purpose we focus only on Federal Reserve actions and their consequences, of any, by taking a short inside look to the Great Depression and 2007-2008 crisis. We tried to figure out which were FED’s actions, were they suitable and effective? Could they be better, more appropriate to the specific situations? Those are questions that we try to answer in the present paper.

Keywords: institutionalism, crisis, monetary policy, Great Depression, 2007-2008 crisis

DOI: http://dx.doi.org/10.17721/1728-2667.2015/174-9/4

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