Monetary Policy Strategy: Lessons from the Crisis

63 Pages Posted: 7 Feb 2011

See all articles by Frederic S. Mishkin

Frederic S. Mishkin

Columbia Business School - Finance and Economics; National Bureau of Economic Research (NBER)

Date Written: February 2011

Abstract

This paper examines what we have learned and how we should change our thinking about monetary policy strategy in the aftermath of the 2007-2009 financial crisis. It starts with a discussion of where the science of monetary policy was before the crisis and how central banks viewed monetary policy strategy. It will then examine how the crisis has changed the thinking of both macro/monetary economists and central bankers. Finally, it looks how much of the science of monetary policy needs to be altered and draws implications for monetary policy strategy.

Suggested Citation

Mishkin, Frederic S., Monetary Policy Strategy: Lessons from the Crisis (February 2011). NBER Working Paper No. w16755. Available at SSRN: https://ssrn.com/abstract=1754908

Frederic S. Mishkin (Contact Author)

Columbia Business School - Finance and Economics ( email )

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National Bureau of Economic Research (NBER)

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