21st Century Monetary Policy: The Federal Reserve from the Great Inflation to COVID-19

A former chair of the Federal Reserve explains the transformation of one our most powerful and consequential institutions.

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.

Programs 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.