Table of Contents
Introduction vii
Part I 20th Century Monetary Policy
The Rise and Fall of Inflation
1 The Great Inflation 3
2 Burns and Volcker 23
3 Greenspan and the Nineties Boom 44
Part II 21st Century Monetary Policy
The Global Financial Crisis and the Great Recession
4 New Century, New Challenges 83
5 The Global Financial Crisis 105
6 A New Monetary Regime: From QE1 to QE2 135
7 Monetary Evolution: QE3 and the Taper Tantrum 168
Part III 21st Century Monetary Policy
From Liftoff to the COVID-19 Pandemic
8 Liftoff 201
9 Powell and Trump 228
10 Pandemic 253
Part IV 21st Century Monetary Policy
What Lies Ahead
11 The Fed's Post-2008 Toolkit: Quantitative Easing and Forward Guidance 281
12 Is the Fed's Toolkit Enough? 308
13 Making Policy More Powerful: New Tools and Frameworks 330
14 Monetary Policy and Financial Stability 366
15 The Fed's Independence and Role in Society 404
An Invitation to Comment 421
Acknowledgments 422
A Note on Sources 424
Notes 427
Bibliography 443
Index 461