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A fed for our times:a review essay on 'Twentieth Century Monetary Policy' by Ben Bernanke

Journal

Journal of Economic Literature

Subject

Economics

Publishing details

Journal of Economic Literature 2023 Vol 61:4 p 1521-1539

Authors / Editors

Reichlin L

Biographies

Lucrezia Reichlin

Publication Year

2023

Abstract

This essay reviews Twenty-First Century Monetary Policy 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 ECB 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.

Available on ECCH

No


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