A former chair of the Federal Reserve explains the transformation of one our most powerful and consequential institutions
In response to the economic impact of the COVID-19 pandemic, the U.S. Federal Reserve and central banks worldwide have deployed tools that past policymakers and economists might have considered radical. Programmes like large-scale securities purchases and a new policy framework remain a source of confusion for investors, journalists and ordinary citizens alike.
Twenty-First Century Monetary Policy demystifies these opaque techniques to reveal how economic ideas, historical events and political forces have transformed the Fed’s policies over several decades. From the stagflation of the 1970s to the Great Recession and the recent pandemic, Ben S. Bernanke masterfully examines how the Fed’s policies—and the institution itself—may change as it grapples with persistently low interest rates, systemic financial risk, rapid technological change and polarised politics. With unparalleled depth of expertise and robust historical sweep, Twenty-First Century Monetary Policy is a must-read for anyone interested in understanding modern finance, investments or U.S. economic policy.
About the Author
Ben S. Bernanke is a Distinguished Senior Fellow at the Brookings Institution. Author of the best-selling memoir The Courage to Act, he served as chair of the Federal Reserve from 2006 to 2014.
Industry Reviews
"[A] uniquely practical book as the public tries to better understand the powers of the Fed and Congress to juice or slow the economy amid a supply-chain crunch and sky-high demand."
Andrew Ross Sorkin, The New York Times
"This exercise of historical assessment from a central participant is one that more policymakers should probably try. It allows readers to make judgments along with Bernanke and think about what lessons today's policymakers--who are once again battling inflation--might take."
David Leonhardt, The New York Times
"A clear explication of how money flows from the nation's central banking system into the larger economy."
Kirkus
"Suffused with high-stakes drama and clear thinking, this is one of the best accounts yet of the Fed's tumultuous recent past."
Publisher's Weekly
