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 PolicyDavid Beckworth
Senior Research Fellow
Lawrence H. White
Distinguished Senior Fellow, F. A. Hayek Program for Advanced Study in Philosophy, Politics and Economics
Marginal cost > marginal benefit; no content produced in this category.
Marginal cost > marginal benefit; no content produced in this category.
- 12:30pm – 2:00pm2009Jan12<p>608 Dirksen Senate Office Building</p>
- 12:00pm – 1:00pm2007Feb27B-339 Rayburn House Office Building
Fed Discloses Discount Window Info: What's all the commotion about?