Thomas F. Cooley is Dean of the NYU Stern School of Business, which delivered its swift response to the financial turmoil, a collection of 18 papers examining different aspects of the phenomenon, to 100 leading U.S. policymakers, including inside the Obama administration, Congress, the Federal Reserve and financial regulators, bringing an appreciative response.
Cooley, who organized the production of the papers by 33 members of the Stern faculty over a period of just six weeks, told CNN he believed that recent sharp rises in stock markets could herald the beginnings of a wider recovery.
"There are distinct signs of a recovery in the U.S. economy, parts of Europe and elsewhere. There is a definite sense that the worst is over," he said. "But there are still many risks in the system, and we need to be cautious in what we evaluate because a lot of the problems aren't being addressed.
"For example, the recovery of the labor markets will be slow, partly because of the effects of monetary policy and the stimulus package."
Cooley organized the finance and economic staff into rapid and coordinated action in November in an attempt to address the what he describes as "clearly the worst financial crisis since the Great Depression."
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