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A Fed for Our Times: A Review Essay on 21st Century Monetary Policy by Ben Bernanke

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  • Lucrezia Reichlin

Abstract

This essay reviews 21st Century Monetary Policy: The Federal Reserve from the Great Inflation to COVID-19 by Ben Bernanke, a fascinating account of the evolution of the Fed since the 1950s, and a stalwart defense of the status quo: of the Fed's remit, its independence, and the tools and practices it now uses to pursue its mandate. The essay supports many of Bernanke's key points and brings the experience of the European Central Bank to illuminate them by contrast. However, it argues that the book understates the significance of the changes in institutional architecture that have emerged since the crisis. Questions that we thought had been settled are going to have to be addressed anew, albeit in slightly different guises. This will have implications for all aspects of economic governance.

Suggested Citation

  • Lucrezia Reichlin, 2023. "A Fed for Our Times: A Review Essay on 21st Century Monetary Policy by Ben Bernanke," Journal of Economic Literature, American Economic Association, vol. 61(4), pages 1521-1539, December.
    • Handle: RePEc:aea:jeclit:v:61:y:2023:i:4:p:1521-39
    DOI: 10.1257/jel.20231722
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    More about this item

    JEL classification:

    • E31 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Price Level; Inflation; Deflation
    • E32 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Business Fluctuations; Cycles
    • 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
    • E62 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Fiscal Policy; Modern Monetary Theory
    • N12 - Economic History - - Macroeconomics and Monetary Economics; Industrial Structure; Growth; Fluctuations - - - U.S.; Canada: 1913-
    • N22 - Economic History - - Financial Markets and Institutions - - - U.S.; Canada: 1913-

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