![]() Bernanke masterfully examines how the Fed's policies-and the institution itself-may change as it grapples with persistently low interest rates, systemic financial risk, rapid technological change and polarised politics. From the stagflation of the 1970s to the Great Recession and the recent pandemic, Ben S. Twenty-First Century Monetary Policy demystifies these opaque techniques to reveal how economic ideas, historical events and political forces have transformed the Fed's policies over several decades. Programmes like large-scale securities purchases and a new policy framework remain a source of confusion for investors, journalists and ordinary citizens alike. Federal Reserve and central banks worldwide have deployed tools that past policymakers and economists might have considered radical. ![]() In response to the economic impact of the COVID-19 pandemic, the U.S. ![]()
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