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Monetary Policy After August 2007


  • Mark Gertler


In this article, the author describes conceptually how to think about the dramatic changes in monetary policy since the sub-prime crisis of August 2007. He also discusses how to incorporate these changes and related economic concepts in the teaching of an undergraduate class in macroeconomics. A distinction is made between conventional and unconventional monetary policy, both conceptually and in practice, but most of the focus is on unconventional monetary policy and how it can be integrated within a standard macroeconomic framework. Some attention is also given to the relevance of the liquidity trap and forward guidance in monetary policy.

Suggested Citation

  • Mark Gertler, 2013. "Monetary Policy After August 2007," The Journal of Economic Education, Taylor & Francis Journals, vol. 44(4), pages 329-338, October.
  • Handle: RePEc:taf:jeduce:v:44:y:2013:i:4:p:329-338
    DOI: 10.1080/00220485.2013.825110

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    Blog mentions

    As found by, the blog aggregator for Economics research:
    1. Unconventional monetary policy through the Fed's rear-view mirror
      by Steve Cecchetti and Kim Schoenholtz in Money, Banking and Financial Markets on 2015-12-07 19:27:17
    2. Unconventional monetary policy through the Fed’s rear-view mirror
      by Barry Ritholtz in The Big Picture on 2015-12-14 16:00:35
    3. Relying on the Fed's Balance Sheet
      by Steve Cecchetti and Kim Schoenholtz in Money, Banking and Financial Markets on 2018-02-26 12:56:17


    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.

    Cited by:

    1. Cécile Bastidon & Philippe Gilles & Nicolas Huchet, 2016. "The ECB, Between Conservatism and Pragmatism," Journal of Central Banking Theory and Practice, Central bank of Montenegro, pages 25-52.
    2. repec:eee:ecmode:v:71:y:2018:i:c:p:234-246 is not listed on IDEAS

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