In response to the economic impact of the COVID-19 pandemic the U.S. Federal Reserve and
central banks worldwide have deployed tools that past policymakers and economists might have
considered radical. Programmes like large-scale securities purchases and a new policy framework
remain a source of confusion for investors journalists and ordinary citizens alike.
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. From the stagflation of the 1970s to the Great Recession and the recent pandemic Ben
S. 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. With unparalleled depth of expertise and robust
historical sweep Twenty-First Century Monetary Policy is a must-read for anyone interested in
understanding modern finance investments or U.S. economic policy.
