Central banks collaborated closely throughout the crisis; in particular, the Federal Reserve  9  See Brian F. Madigan (2009), “Bagehot’s Dictum in Practice: Formulating and Implementing Policies to Combat the Financial Crisis,” speech delivered at “Financial Stability and Macroeconomic Policy,” a symposium sponsored by the Federal Reserve Bank of Kansas City, held in Jackson Hole, Wyo., August 20–22.
10  Primary dealers are broker-dealers that are designated as counterparties by the Federal Reserve Bank of New York for its conduct of open market operations in the implementation of monetary policy.