Monetary Policy and Central Banking after the Crisis: The Implications of Rethinking Macroeconomic Theory

Thomas Palley

Chapter 11 in Financialization, 2013, pp 182-200 from Palgrave Macmillan

Abstract: Abstract The financial crisis of 2008 and the Great Recession have prompted a retrospective on the conduct of monetary policy and central banking (Bernanke, 2010). Before the crisis, economists and central bankers were in a celebratory mode, with talk about the “Great Moderation” and praise for advances in monetary economics that had helped stabilize the economy (Bernanke, 2004; Goodfriend, 2007; Blanchard, 2008): now, however, there is talk among policy insiders of need to rethink monetary policy.

Keywords: Interest Rate; Monetary Policy; Central Bank; Federal Reserve; Credit Default Swap (search for similar items in EconPapers)
Date: 2013
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Working Paper: Monetary Policy and Central Banking after the Crisis: The Implications of Rethinking Macroeconomic Theory (2011)
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DOI: 10.1057/9781137265821_11

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