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What Has—and Has Not—Been Learned about Monetary Policy in a Low‐Inflation Environment? A Review of the 2000s
Author(s) -
CLARIDA RICHARD H.
Publication year - 2012
Publication title -
journal of money, credit and banking
Language(s) - English
Resource type - Journals
SCImago Journal Rank - 1.763
H-Index - 108
eISSN - 1538-4616
pISSN - 0022-2879
DOI - 10.1111/j.1538-4616.2011.00480.x
Subject(s) - monetary policy , inflation (cosmology) , economics , inflation targeting , monetary economics , asset (computer security) , financial crisis , zero lower bound , slump , macroeconomics , keynesian economics , physics , computer security , theoretical physics , computer science , history , archaeology , cement
As the world economy recovers from the worst financial crisis and most severe global slump in 75 years, policymakers, regulators, and academics are focusing intensely and appropriately on lessons to be learned for monetary policy. There are certainly many questions to answer. Among the most important are: Are inflation expectations “well anchored”? What, if any, influence should asset quantities and prices have on monetary policy? Do we have sufficient confidence in our alternative monetary policy tools to stabilize the economy at the zero lower bound?