How Monetary Policy Got Behind the Curve--And How to Get Back

Michael D Bordo

ISBN 10: 0817925643 / ISBN 13: 9780817925642

Published by Hoover Institution Press,U.S., 2023

About this Item

With the inflation rate in the United States and many other countries on the rise for over a year and nearing double digits, the Hoover Institution hosted its 2022 conference on monetary policy. Policy makers, market participants, and academic researchers gathered to discuss the situation. Many agreed that low interest rates and high money growth were inappropriate given the high inflation rate and evidence that the United States has recovered from the deep recession induced by the pandemic and its policy response in 2020. The thoughtful papers and the thorough discussions in this volume of conference proceedings illustrate the debate about the reasons for this mismatch, as well as how to get back on track. They reflect a range of opinions and perspectives, including examination of the fiscal shock resulting from the COVID pandemic and the related borrowing and spending; emphasis on the value of adherence to rules versus discretion in setting Fed policy; lessons from history in the spikes in federal expenditures during times of war (including the pandemic) and in the timing of the Fed's use of its policy instruments; the role of central banks in the emerging inflation crisis; and s.

Seller Inventory # CIN0817925643VG

Bibliographic Details

• Title: How Monetary Policy Got Behind the Curve--And How to Get Back
• Publisher: Hoover Institution Press,U.S.
• Publication Date: 2023
• Language: English
• ISBN 10: 0817925643
• ISBN 13: 9780817925642
• Binding: Hardback
• Condition: Very Good

About this title

Synopsis

Understand the Fed's missteps and chart a course for economic recovery.

Is the Federal Reserve on the right track? How Monetary Policy Got Behind the Curve―and How to Get Back assembles experts to dissect the Fed's recent policy decisions and propose solutions for navigating today's economic turmoil.

Explore the debate surrounding inflation, interest rates, and the Fed's role in the COVID-19 recovery. This volume offers diverse perspectives on:

• The fiscal shock of the COVID pandemic
• The value of rules vs. discretion in setting Fed policy
• Lessons from history's federal expenditure spikes
• Strategies for disinflation

For economists, policy makers, and anyone seeking clarity on the future of US monetary policy, this is a crucial read.

About the Author

Michael D. Bordo is a visiting fellow at the Hoover Institution, and a Board of Governors Professor of Economics and director of the Center for Monetary and Financial History at Rutgers University.

John B. Taylor is a senior fellow at the Hoover Institution, and the Mary and Robert Raymond Professor of Economics and director of the Introductory Economics Center at Stanford University.

John H. Cochrane is a senior fellow at the Hoover Institution, a research associate of the National Bureau of Economic Research, and an adjunct scholar of the Cato Institute.