Jump to ContentJump to Main Navigation
The Great RecessionLessons for Central Bankers$
Users without a subscription are not able to see the full content.

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

Show Summary Details
Page of

PRINTED FROM MIT PRESS SCHOLARSHIP ONLINE (www.mitpress.universitypressscholarship.com). (c) Copyright The MIT Press, 2022. All Rights Reserved. An individual user may print out a PDF of a single chapter of a monograph in MITSO for personal use.date: 25 June 2022

Introduction: Central Bank Lessons from the Global Crisis

Introduction: Central Bank Lessons from the Global Crisis

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

Stanley Fischer

The MIT Press

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

MIT Press Scholarship Online requires a subscription or purchase to access the full text of books within the service. Public users can however freely search the site and view the abstracts and keywords for each book and chapter.

Please, subscribe or login to access full text content.

If you think you should have access to this title, please contact your librarian.

To troubleshoot, please check our FAQs, and if you can't find the answer there, please contact us.