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The Great RecessionLessons for Central Bankers$
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Jacob Braude, Zvi Eckstein, Stanley Fischer, and Karnit Flug

Print publication date: 2013

Print ISBN-13: 9780262018340

Published to MIT Press Scholarship Online: January 2015

DOI: 10.7551/mitpress/9780262018340.001.0001

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Introduction: Central Bank Lessons from the Global Crisis

Introduction: Central Bank Lessons from the Global Crisis

Chapter:
(p.1) Introduction: Central Bank Lessons from the Global Crisis
Source:
The Great Recession
Author(s):

Stanley Fischer

Publisher:
The MIT Press
DOI:10.7551/mitpress/9780262018340.003.0001

Presents and explains ten lessons for central bankers derived from or reinforced by dealing with the Great Recession. They are 1. Reaching the zero lower bound on interest rates is not the end of expansionary monetary policy. 2. The critical importance of having a strong financial system. 3. The need for macroprudential supervision. 4. Dealing with bubbles – mopping up and after. 5. The lender of last resort and too big to fail. 6. The importance of the exchange rate for a small open economy. 7. The Eternal Verities: Lessons from the IMF. 8. Target inflation, flexibly. 9. “In a crisis, you do not panic” 10. “Never say never”

Keywords:   Lessons, Unconventional monetary policy, Market maker of last resort, Macroprudential policy, Flexible inflation targeting

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