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

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 dollars into the international financial system, and crafted a new framework for monetary policy that emphasized job creation.

These strategies would have astonished Powell’s late-20th-century predecessors, from William McChesney Martin to Alan Greenspan, and the advent of these tools raises new questions about the future landscape of economic policy.

In 21st Century Monetary Policy, Ben S. Bernanke—former chair of the Federal Reserve and one of the world’s leading economists—explains the Fed’s evolution and speculates on its future. Taking a fresh look at the bank’s policymaking over the past seventy years, including his own time as chair, Bernanke shows how changes in the economy have driven the Fed’s innovations. He also lays out new challenges confronting the Fed, including the return of inflation, cryptocurrencies, increased risks of financial instability, and threats to its independence.

Beyond explaining the central bank’s new policymaking tools, Bernanke also captures the drama of moments when so much hung on the Fed’s decisions, as well as the personalities and philosophies of those who led the institution.


Product Details

ISBN-13: 9781324020462
Publisher: Norton, W. W. & Company, Inc.
Publication date: 05/17/2022
Pages: 512
Sales rank: 330,627
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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