March 15, 2012
Monetary Policy Strategy: Lessons From The Crisis
This lecture examines what we have learned and how we should change our thinking about monetary policy strategy in the aftermath of the 2007-2009 financial crisis. Beginning with a discussion of where the science of monetary policy was before the crisis and how central banks viewed monetary policy strategy, Dr. Mishkin examines how the crisis has changed the thinking of both macro/monetary economists and central bankers. Finally, he looks at how much of the science of monetary policy needs to be altered and draws implications for monetary policy strategy.
Frederic S. Mishkin is the Alfred Lerner Professor of Banking and Financial Institutions at the Graduate School of Business, Columbia University. He is also a Research Associate at the National Bureau of Economic Research, co-director of the U.S. Monetary Policy Forum, and a member of the Squam Lake Working Group on Financial Reform. Since receiving his Ph.D. from the Massachusetts Institute of Technology in 1976, he has taught at the University of Chicago, Northwestern University, Princeton University, and Columbia.