The Yale School of Management has announced gifts totaling $10 million for the expansion of a program focused on codifying best practices and helping governments make good decisions during financial crises.
With support from Jeff Bezos, Bloomberg Philanthropies, Bill Gates, the Peter G. Peterson Foundation, and others, the Yale Program on Financial Stability (YPFS) will use the funds to launch the Crisis-Response Project, an online platform designed to provide real-time decision-making support during a financial crisis. The project will synthesize the lessons from hundreds of interventions mounted in response to past crises and will present case studies of every major intervention over the last century, along with analyses of best practices and common mistakes made by policy makers.
To help guide the project, YPFS has added new members to its advisory board, including Ben S. Bernanke, former chair of the Federal Reserve Board of Governors; former U.S. treasury secretary Hank Paulson; and former governors of the central banks of Mexico, Japan, and Malaysia. Created in 2013, YFPS has already built, with support from the Alfred P. Sloan Foundation, a portfolio of projects and convenings aimed at creating, disseminating, and preserving knowledge about financial crises.
"Our goal is to improve the quality of decision making by governments and central banks in financial crises," said former U.S. treasury secretary Timothy F. Geithner, who chairs the YPFS advisory board. "With a master class designed and led by practitioners and a full curriculum of cases from crises around the world, we hope this program will become a model for how to train the next generation of policy makers."