Monetary Policy Strategy: Lessons from the Crisis

Frederic S. Mishkin

NBER Working Paper No. 16755
Issued in February 2011
NBER Program(s):Economic Fluctuations and Growth Program, Monetary Economics Program

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.

Acknowledgments

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Document Object Identifier (DOI): 10.3386/w16755

Published: in "Approaches to monetary policy revisited - lessons from the crisis," 6th ECB Central Banking Conference, 18-19 November 2010

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