Summary
Central banking has evolved in response to economic problems such as the Great Depression and the Great Inflation. By the early 2000s, there was a widespread view that monetary policy had achieved a "Great Moderation" in the economy. However, the events of 2007-09 clearly demonstrated that this complacent view was premature. Monetary policy failed to provide a stable path for nominal spending, inflation, and unemployment.
The program conducts both theoretical and empirical research on various monetary policy options, with a special focus on how monetary rules can be use to provide greater macroeconomic stability.
Scott Sumner
Ralph G. Hawtrey Chair of Monetary Policy
David Beckworth
Senior Research Fellow
Benjamin Klutsey
Director of Academic Outreach
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When Should We Be Worried about Monetary Policy?