The Effects of the Great Recession on Central Bank Doctrine and Practice

As long as Ben is the chairman - it pays to keep a track of what he is saying and where does he want to go...

Chairman Ben S. Bernanke

At the Federal Reserve Bank of Boston 56th Economic Conference, Boston, Massachusetts

October 18, 2011

The Effects of the Great Recession on Central Bank Doctrine and Practice

The financial crisis of 2008 and 2009, together with the associated deep recession, was a historic event--historic in the sense that its severity and economic consequences were enormous, but also in the sense that, as the papers at this conference document, the crisis seems certain to have profound and long-lasting effects on our economy, our society, and our politics. More subtle, but of possibly great importance in the long run, will be the effects of the crisis on intellectual frameworks, including the ways in which economists analyze macroeconomic and financial phenomena.  Read rest of the article here.