Hoover Institution (Stanford, CA) — The Hoover Institution Press has released Getting Monetary Policy Back on Track, a new anthology discussing major topics of concern to the global economy. It chronicles a May 2023 Monetary Policy Conference held at the Hoover Institution, where top experts debated the 2021 surge in inflation, whether the Federal Reserve was slow to respond, and whether a rule-based monetary policy could better stabilize the situation.

Presentations also centered on systemic risks to the US banking system, monetary policy approaches from Japan and Latin America, historical perspectives on disinflation and central bank balance sheets, criticism of the Fed’s inflation forecasting capabilities, and proposals to reform the Fed’s policy and communication functions. Participants also examined inflation in the context of the thirtieth anniversary of the Taylor rule, an important guide to practical monetary policy.

The book includes discussions involving current and former Fed leaders, who provided their respective opinions on the fiscal-monetary response, assessment of current monetary policy strategy, and improving Fed communications.

Advance Praise for the Anthology:

“An outstanding conference analyzing the sources of the highest US inflation in forty years and the macroeconomic policies necessary to return inflation to target.”

—James Bullard, dean, Daniels School of Business, Purdue University, and former president and CEO, Federal Reserve Bank of St. Louis

“In this wonderful volume, leading thinkers provide their cutting-edge insights into resolving current and thorny monetary policy issues. . . . Highly recommended.”

—Harald Uhlig, Bruce Allen and Barbara Ritzenthaler Professor in Economics and the College, Kenneth C. Griffin Department of Economics, University of Chicago

“Anyone interested in monetary policy and the challenges raised by the surge in inflation during 2021 and 2022 will profit from reading this timely volume.”

—Carl E. Walsh, Distinguished Professor of Economics Emeritus, University of California, Santa Cruz

About the Editors:

Michael D. Bordo is the Ilene and Morton Harris Distinguished Visiting Fellow at the Hoover Institution and the Board of Governors Professor of Economics and director of the Center for Monetary and Financial History at Rutgers University.

John H. Cochrane is the Rose-Marie and Jack Anderson Senior Fellow at the Hoover Institution, a research associate of the National Bureau of Economic Research, and an adjunct scholar of the Cato Institute.

John B. Taylor is the George P. Shultz Senior Fellow in Economics at the Hoover Institution and the Mary and Robert Raymond Professor of Economics and director of the Introductory Economics Center at Stanford University.

Contributors and Discussants:

Anat R. Admati, Michael D. Bordo, James Bullard, Anusha Chari, Richard H. Clarida, John H. Cochrane, Steven J. Davis, Darrell Duffie, Sebastian Edwards, Barry Eichengreen, Niall Ferguson, Peter Blair Henry, Philip N. Jefferson, Martin Kornejew, Haruhiko Kuroda, Jeffrey M. Lacker, Mickey D. Levy, John Lipsky, William R. Nelson, Charles I. Plosser, Randal Quarles, Joshua D. Rauh, Condoleezza Rice, Paul Schmelzing, Moritz Schularick, Amit Seru, John B. Taylor, Volker Wieland, James A. Wilcox

Click here to order Getting Monetary Policy Back on Track.

For coverage opportunities, contact Jeffrey Marschner, 202-760-3187, jmarsch@stanford.edu.

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