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The Great Recession – Lessons for Central Bankers - MIT Press Scholarship Online
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The Great Recession: Lessons for Central Bankers

Jacob Braude, Zvi Eckstein, Stanley Fischer, and Karnit Flug


The Great Recession shook not only the global economy and the financial systems of major economies, but also conventional wisdom of economic policy making, regulation of financial markets, and more. Following the collapse of Lehman Brothers in September 2008, governments and central banks acted on an unprecedented scope and scale. The policy response was unique in the variety of the measures taken, including some that had so far been almost unthinkable. Examples include unconventional monetary policy, interventions in financial markets, exchange rate intervention, and a renewed debate on capit ... More

Keywords: Great Recession, Monetary policy, Unconventional monetary policy, Macroprudential policy, Financial markets, Exchange rates, Capital flows, Central banks, Lessons

Bibliographic Information

Print publication date: 2013 Print ISBN-13: 9780262018340
Published to MIT Press Scholarship Online: January 2015 DOI:10.7551/mitpress/9780262018340.001.0001


Affiliations are at time of print publication.

Jacob Braude, editor
Bank of Israel

Zvi Eckstein, editor

Stanley Fischer, editor

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Front Matter

I Monetary Policy in View of the Crisis

II Macroprudential and Financial Policies

4 Central Banks, Macroprudential Policy, and the Spanish Experience

Enrique Alberola, Carlos Trucharte, and Juan Luís Vega

III Capital Flows, Capital Controls, and Exchange Rate Policies

8 Policy Response to External Shocks: Lessons from the Crisis

Carlos Capistrán, Gabriel Cuadra, and Manuel Ramos-Francia

IV The Crisis and its Lessons: Some Case Studies

12 Prolonged Dislocation and Financial Crises

Frank Browne and Robert Kelly

End Matter