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Central Banking after the Great Recession

Lessons Learned, Challenges Ahead

edited by David Wessel

Publication Year: 2014

The global financial crisis is largely behind us, but the challenges it poses to the future stability of the world's economic system affects everyone from American families to Main Street businesses to Wall Street financial powerhouses. It has provoked controversy over the best way to reduce the risk of a repeat of what proved to be the worst financial crisis since the Great Depression. To describe those challenges —and the lessons learned —the Hutchins Center on Fiscal and Monetary Policy at Brookings turned to frontline policymakers and some of their most prominent critics. Central Banking after the Great Recession contains the resulting research, leading off with a telling interview between Ben Bernanke, then in his final weeks as Federal Reserve chairman, and Liaquat Ahamed, author of the Pulitzer Prize–winning Lords of Finance. Insightful chapters by John Williams of the San Francisco Federal Reserve Bank, Paul Tucker of Harvard University, and Donald Kohn of Brookings discuss unconventional monetary policy, financial regulation, the impact of the crisis on the independence of the Federal Reserve. Each chapter is followed by a lively debate.

Published by: Brookings Institution Press

Title Page, Copyright Page

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pp. i-iv

Contents

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pp. v-vi

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Acknowledgments

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pp. vii-viii

In addition to the authors and panelists who contributed to our January 16, 2014, event and are prominently mentioned elsewhere, this book represents the hard work of several other individuals. Alison Hope was a careful and patient copy editor of the original papers. Emily Parker...

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1. Introduction

David Wessel

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pp. 1-4

The January 2014 inaugural event of the Hutchins Center on Fiscal and Monetary Policy at the Brookings Institution focused on lessons that the Federal Reserve and other central banks have—or should have—learned from the most severe financial crisis the world economy has weathered...

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2. A Conversation with Ben Bernanke

Liaquat Ahamed and Ben Bernanke

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pp. 5-20

Two weeks before the end of his eight-year term as chairman of the Federal Reserve, Ben Bernanke was interviewed by Liaquat Ahamed, a Brookings trustee and author of the Pulitzer Prize–winning Lords of Finance: The Bankers Who Broke the World. As Glenn Hutchins noted in introducing...

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3. Monetary Policy When Rates Hit Zero: Putting Theory into Practice

David Wessel

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pp. 21-52

The January 2014 inaugural event of the Hutchins Center on Fiscal and Monetary Policy at the Brookings Institution focused on lessons that the Federal Reserve and other central banks have—or should have—learned from the most severe financial crisis the world economy has weathered...

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4. Regulator Reform: What's Done? What Isn't?

Paul Tucker

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pp. 53-90

The crisis that broke in 2007 and brought the international financial system to its knees in late 2008, threatening a repeat of the Great Depression, left the credibility of financial regulation and supervision in tatters. Until this is repaired, confidence in the financial system itself...

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Federal Reserve Indpendence after the Financial Crisis: Shoud We Be Worried?

Donald Kohn

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pp. 91-110

We are going through an extraordinary period in business cycles and central banking. The too-calm, too-confident veneer of the Great Moderation was shattered by the worst financial crisis in eighty years. The Federal Reserve—indeed central banks all over the industrial world—...

About the Participants

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pp. 111-113

Back Cover

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E-ISBN-13: 9780815726104
E-ISBN-10: 0815726104

Page Count: 113
Publication Year: 2014

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