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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.

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Paper provided by National Bureau of Economic Research, Inc in its series NBER Working Papers with number 16755.

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• E44 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Financial Markets and the Macroeconomy
• E52 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Monetary Policy
• E58 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Central Banks and Their Policies
• G01 - Financial Economics - - General - - - Financial Crises

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1. Po co bankom centralnym cel inflacyjny
   by k.mokrzycka in Obserwator Finansowy on 2012-02-27 05:29:46

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1. £ukasz Goczek, 2011. "Federal policy responses to the 2007-2009 credit crunch in the US," Equilibrium, Wydawnictwo Naukowe Uniwersytetu Mikolaja Kopernika, vol. 6, pages 27-42.
2. Hanna Samaryna & Jakob de Haan, 2011. "Right on Target: Exploring the Determinants of Inflation Targeting Adoption," DNB Working Papers 321, Netherlands Central Bank, Research Department.
3. Riccardo Cristadoro & Giovanni Veronese, 2011. "Policy Focus: Monetary policy in India: is something amiss?," Indian Growth and Development Review, Emerald Group Publishing, vol. 4(2), pages 166-190, September.
4. Stan du Plessis, 2012. "Assets matter: New and old views of monetary policy," Working Papers 16/2012, Stellenbosch University, Department of Economics.
5. Nerina Reyna & Carlos F. Suárez Dóriga & Matías Vicens, 2011. "Monetary Policy of Main Central Banks During the 2007-2011 Crisis," Ensayos Económicos, Central Bank of Argentina, Economic Research Department, vol. 1(61-62), pages 189-249, January -.

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