{"title":"A Fed for Our Times: A Review Essay on 21st Century Monetary Policy by Ben Bernanke","authors":"L. Reichlin","doi":"10.1257/jel.20231722","DOIUrl":null,"url":null,"abstract":"This essay reviews 21st Century Monetary Policy: The Federal Reserve from the Great Inflation to COVID-19 by Ben Bernanke, a fascinating account of the evolution of the Fed since the 1950s, and a stalwart defense of the status quo: of the Fed’s remit, its independence, and the tools and practices it now uses to pursue its mandate. The essay supports many of Bernanke’s key points and brings the experience of the European Central Bank to illuminate them by contrast. However, it argues that the book understates the significance of the changes in institutional architecture that have emerged since the crisis. Questions that we thought had been settled are going to have to be addressed anew, albeit in slightly different guises. This will have implications for all aspects of economic governance. (JEL E31, E32, E52, E58, E62, N12, N22)","PeriodicalId":48416,"journal":{"name":"Journal of Economic Literature","volume":null,"pages":null},"PeriodicalIF":11.5000,"publicationDate":"2023-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"0","resultStr":null,"platform":"Semanticscholar","paperid":null,"PeriodicalName":"Journal of Economic Literature","FirstCategoryId":"96","ListUrlMain":"https://doi.org/10.1257/jel.20231722","RegionNum":1,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"Q1","JCRName":"ECONOMICS","Score":null,"Total":0}
引用次数: 0
Abstract
This essay reviews 21st Century Monetary Policy: The Federal Reserve from the Great Inflation to COVID-19 by Ben Bernanke, a fascinating account of the evolution of the Fed since the 1950s, and a stalwart defense of the status quo: of the Fed’s remit, its independence, and the tools and practices it now uses to pursue its mandate. The essay supports many of Bernanke’s key points and brings the experience of the European Central Bank to illuminate them by contrast. However, it argues that the book understates the significance of the changes in institutional architecture that have emerged since the crisis. Questions that we thought had been settled are going to have to be addressed anew, albeit in slightly different guises. This will have implications for all aspects of economic governance. (JEL E31, E32, E52, E58, E62, N12, N22)
本文回顾了本-伯南克（Ben Bernanke）所著的《21 世纪的货币政策：本-伯南克（Ben Bernanke）所著的《21 世纪货币政策：从大通胀到 COVID-19 的美联储》（21st Century Monetary Policy: The Federal Reserve from the Great Inflation to COVID-19）引人入胜地描述了美联储自 20 世纪 50 年代以来的演变，并坚定地捍卫了现状：美联储的职权范围、独立性以及它现在用来履行其职责的工具和做法。文章支持伯南克的许多关键观点，并通过对比欧洲中央银行的经验来阐明这些观点。不过，文章认为，该书低估了危机后出现的制度架构变化的重要性。我们以为已经解决的问题将不得不重新解决，尽管解决的方式略有不同。这将对经济治理的各个方面产生影响。(JEL E31, E32, E52, E58, E62, N12, N22)
期刊介绍：
Commencing in 1969, the Journal of Economic Literature (JEL) serves as a vital resource for economists, offering a means to stay informed about the extensive literature in the field. Each JEL issue features commissioned, peer-reviewed survey and review articles, book reviews, an annotated bibliography categorizing new books by subject, and an annual index of dissertations from North American universities.
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