21st Century Monetary Policy | Part II: The Global Financial Crisis and Great Recession

Join Jared Davis—a software engineer in Cambridge, Massachusetts who enjoys studying mathematics and reads widely—for the second of a four-part discussion of 21st Century Monetary Policy.

In this salon, we will discuss the first part of Ben Bernanke’s book, 21st Century Monetary Policy.

Bernanke is an economist, historian, and Chairperson of the US Federal Reserve Board of Governors from 2006 through 2014. During his service under Presidents G.W. Bush and Obama, Bernanke responded to the financial crisis of 2007-2009 and shaped the economic recovery, drawing both praise and criticism for the Federal Reserve’s unprecedented policies.

Bernanke’s expertise as a scholar of the Great Depression era gives him an unparalleled view on the changes, challenges, successes, and failures, of US economic policies leading up to events occurring today.

Reading:

We will discuss the immediate causes and responses to the 2007-2009 Financial Crisis. In stark contrast to the previous chapters, we will discuss deflation, why economists were so concerned about it, and how its threat motivated unprecedented monetary policy changes. We’ll learn some intimate details of the crisis response and long recovery, focused on the United States. Controversies and compromises, especially around “zero bound interest rates”, will come to the forefront.

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