Monetary Policy Strategy: Lessons from the Crisis

Frederic Mishkin

No 16755, NBER Working Papers from National Bureau of Economic Research, Inc

Abstract: This paper examines what we have learned and how we should change our thinking about monetary policy strategy in the aftermath of the 2007-2009 financial crisis. It starts with a discussion of where the science of monetary policy was before the crisis and how central banks viewed monetary policy strategy. It will then examine how the crisis has changed the thinking of both macro/monetary economists and central bankers. Finally, it looks how much of the science of monetary policy needs to be altered and draws implications for monetary policy strategy.

JEL-codes: E44 E52 E58 G01 (search for similar items in EconPapers)
Date: 2011-02
Note: EFG ME
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Citations: View citations in EconPapers (201)

Published as in "Approaches to monetary policy revisited - lessons from the crisis," 6th ECB Central Banking Conference, 18-19 November 2010

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