Introduction, Part 3

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Chapter 13 in Optimal Monetary Policy under Uncertainty, Second Edition, 2019, pp 299-302 from Edward Elgar Publishing

Abstract: Chapter 13 introduces Part 3 of the book which surveys some of the post-crisis literature on monetary policy under uncertainty and topical issues in financial intermediation. This chapter offers a brief review of the state of the art of modeling central bank behavior and decisions on monetary policy prior to the Global Financial Crisis. One area where the pre-crisis framework was acknowledged to be deficient was in the treatment of financial institutions and markets. In the canonical New Keynesian model, which was central to monetary policy analysis in the two decades prior to the financial crisis, financial markets and institutions had been banished. Much of the literature we consider in Part 3 attempts to remedy this deficiency.

Keywords: Economics and Finance (search for similar items in EconPapers)
Date: 2019
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