\u201cWe all argued that the crisis was multi-causal,\u201d\u009d said Pierre-Olivier Gourinchas, an economist at the University of California, Berkeley.<\/p>\n
\u201cWe emphasized in particular the absence of effective regulation, the increase in leverage, the emergence of shadow banking, the mismanagement of risk by many financial institutions, and the strong external demand for U.S. Treasuries and similar assets as important factors,\u201d\u009d he said. \u201cWe also concluded that monetary policy per se \u201d\u201d narrowly interpreted as the low interest rate policy of the Fed after 2001 \u201d\u201d was not likely a major factor.\u201d\u009d<\/p>\n
He said the report \u201cis hitting many of the right notes.\u201d\u009d<\/p>\n
But Anil K. Kashyap, a business school economist at the University of Chicago, said he was troubled at the failure to reach a bipartisan consensus.<\/p>\n