21st Century Monetary Policy: The Federal Reserve from the Great Inflation to COVID-19

The winner of the 2022 Nobel Prize in Economics and former chair of the Federal Reserve explains the transformation of one our most powerful and consequential institutions.

In response to the COVID-19 pandemic, the Federal Reserve deployed an extraordinary range of policy tools that helped prevent the collapse of the financial system and the U.S. economy. Chair Jerome Powell and his colleagues lent directly to U.S. businesses, purchased trillions of dollars of government securities, pumped d...