Abstract
Over the past few years, the world economy has been going through a major financial crisis and the most severe recession since the Second World War, putting an abrupt end to what economists have called the “Great Moderation.” This global crisis has led to unprecedented fiscal and monetary policy actions by governments and central banks all over the world, raising questions about the modalities, the effectiveness, and the coordination of those policies. This volume of the International Journal of Central Banking (IJCB) deals with some of those key questions. It contains the papers, discussions, and commentaries that were presented at the inaugural Monetary Policy Conference organized by the IJCB and hosted by the Banque de France on September 24–25, 2009. The purpose of the IJCB conferences is to stimulate research on issues of topical importance for central banking and provide a forum for interaction between central bank researchers, academics, and policymakers.
Authors
- Giancarlo Corsetti
- Andrew Lewin
- Frank Smets
- Carl Walsh