Central Banking after the Great Recession: Lessons Learned, Challenges Ahead

Central Banking after the Great Recession Lessons Learned Challenges Ahead The global financial crisis is largely behind us but the challenges it poses to the future stability of the world s economic system affects everyone from American families to Main Street businesses t

  • Title: Central Banking after the Great Recession: Lessons Learned, Challenges Ahead
  • Author: David Wessel
  • ISBN: 9780815726081
  • Page: 434
  • Format: Paperback
  • The global financial crisis is largely behind us, but the challenges it poses to the future stability of the world s economic system affects everyone from American families to Main Street businesses to Wall Street financial powerhouses It has provoked controversy over the best way to reduce the risk of a repeat of what proved to be the worst financial crisis since the GreThe global financial crisis is largely behind us, but the challenges it poses to the future stability of the world s economic system affects everyone from American families to Main Street businesses to Wall Street financial powerhouses It has provoked controversy over the best way to reduce the risk of a repeat of what proved to be the worst financial crisis since the Great Depression To describe those challenges and the lessons learned the Hutchins Center on Fiscal and Monetary Policy at Brookings turned to frontline policymakers and some of their most prominent critics Central Banking after the Great Recession contains the resulting research, leading off with a telling interview between Ben Bernanke, then in his final weeks as Federal Reserve chairman, and Liaquat Ahamed, author of the Pulitzer Prize winning Lords of Finance Insightful chapters by John Williams of the San Francisco Federal Reserve Bank, Paul Tucker of Harvard University, and Donald Kohn of Brookings discuss unconventional monetary policy, financial regulation, the impact of the crisis on the independence of the Federal Reserve Each chapter is followed by a lively debate.Contents1 Introduction2 A Conversation with Ben Bernanke3 Monetary Policy When Rates Hit Zero Putting Theory into Practice4 Regulatory Reform What a Done What Isn t 5 Federal Reserve Independence after the Financial Crisis Should We Be Worried

    One thought on “Central Banking after the Great Recession: Lessons Learned, Challenges Ahead”

    1. Central Banking after the Great Recession is a collection of speeches, interviews and essays from the Hutchins Center on Fiscal and Monetary Policy, and edited by David Wessel. The book features interviews with former Fed Chairman Ben Bernanke, heads of regional US Reserve Banks and Harvard academics, to name a few. The premise of this book is on theoretical changes to Central Banking to engage with the lessons learned from the Great Recession of 2008. It is highly academic, theoretical and poli [...]

    2. I had immense fun reading this little book.Obviously, the entire discourse is under the premise that a central bank’s role is to pursue both full employment and price stability, while also pursuing financial stability by supervising the banking system and making sure the banks have a lender of last resort. It surely can’t be too long before the world concedes that maybe one or two of these four goals are more than enough for central banks, but between now and then they will keep trying and i [...]

    3. Nothing earth-shatteringly new in these essays/talks, but they add up to a good digestible summary of post-2008 thinking & debates on the role of central banks going forward. Chapters 3 and 4 (on monetary policy at the zero lower bound, and options for macroprudential regulation) are the most worthwhile.

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