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

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

by Ben S. Bernanke
21st Century Monetary Policy: The Federal Reserve from the Great Inflation to COVID-19

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

by Ben S. Bernanke

Hardcover

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Overview

A former chair of the Federal Reserve explains the transformation of one our most powerful and consequential institutions.

In response to the economic impact of the COVID-19 pandemic, the U.S. Federal Reserve and central banks worldwide have deployed tools that past policymakers and economists might have considered radical. Programs like large-scale securities purchases and a new policy framework remain a source of confusion for investors, journalists, and ordinary citizens alike.

Twenty-First Century Monetary Policy demystifies these opaque techniques to reveal how economic ideas, historical events, and political forces have transformed the Fed’s policies over several decades. From the stagflation of the 1970s to the Great Recession and the recent pandemic, Ben S. Bernanke masterfully examines how the Fed’s policies—and the institution itself—may change as it grapples with persistently low interest rates, systemic financial risk, rapid technological change, and polarized politics. With unparalleled depth of expertise and robust historical sweep, Twenty-First Century Monetary Policy is a must-read for anyone interested in understanding modern finance, investments, or U.S. economic policy.



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Product Details

ISBN-13: 9781324020462
Publisher: Norton, W. W. & Company, Inc.
Publication date: 05/17/2022
Pages: 512
Sales rank: 71,324
Product dimensions: 6.00(w) x 9.20(h) x 1.90(d)

About the Author

Ben S. Bernanke is a Distinguished Senior Fellow at the Brookings Institution. Author of the best-selling memoir The Courage to Act, he served as chair of the Federal Reserve from 2006 to 2014.

Table of Contents

Introduction vii

Part I 20th Century Monetary Policy

The Rise and Fall of Inflation

1 The Great Inflation 3

2 Burns and Volcker 23

3 Greenspan and the Nineties Boom 44

Part II 21st Century Monetary Policy

The Global Financial Crisis and the Great Recession

4 New Century, New Challenges 83

5 The Global Financial Crisis 105

6 A New Monetary Regime: From QE1 to QE2 135

7 Monetary Evolution: QE3 and the Taper Tantrum 168

Part III 21st Century Monetary Policy

From Liftoff to the COVID-19 Pandemic

8 Liftoff 201

9 Powell and Trump 228

10 Pandemic 253

Part IV 21st Century Monetary Policy

What Lies Ahead

11 The Fed's Post-2008 Toolkit: Quantitative Easing and Forward Guidance 281

12 Is the Fed's Toolkit Enough? 308

13 Making Policy More Powerful: New Tools and Frameworks 330

14 Monetary Policy and Financial Stability 366

15 The Fed's Independence and Role in Society 404

An Invitation to Comment 421

Acknowledgments 422

A Note on Sources 424

Notes 427

Bibliography 443

Index 461

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