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"This exercise of historical assessment from a central participant is one that more policymakers should probably try. It allows readers to make judgments along with Bernanke and think about what lessons today’s policymakers―who are once again battling inflation―might take."
― David Leonhardt, The New York Times

". . . [A] uniquely practical book as the public tries to better understand the powers of the Fed and Congress to juice or slow the economy amid a supply-chain crunch and sky-high demand."
― Andrew Ross Sorkin, The New York Times

"Suffused with high-stakes drama and clear thinking, this is one of the best accounts yet of the Fed’s tumultuous recent past."
― Publisher's Weekly

"A clear explication of how money flows from the nation’s central banking system into the larger economy."
― Kirkus

Chapter Page
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

21st Century Monetary Policy takes readers inside the Federal Reserve, explaining what it does and why.

In response to the COVID-19 pandemic, the Federal Reserve deployed an extraordinary range of policy tools that helped prevent the collapse of the financial system and the U.S. economy. Chair Jerome Powell and his colleagues lent directly to U.S. businesses, purchased trillions of dollars of government securities, pumped dollars into the international financial system, and crafted a new framework for monetary policy that emphasized job creation.

These strategies would have astonished Powell’s late-20th-century predecessors, from William McChesney Martin to Alan Greenspan, and the advent of these tools raises new questions about the future landscape of economic policy.

In 21st Century Monetary Policy, Ben S. Bernanke―former chair of the Federal Reserve and one of the world’s leading economists―explains the Fed’s evolution and speculates on its future. Taking a fresh look at the bank’s policymaking over the past seventy years, including his own time as chair, Bernanke shows how changes in the economy have driven the Fed’s innovations. He also lays out new challenges confronting the Fed, including the return of inflation, cryptocurrencies, increased risks of financial instability, and threats to its independence.

Beyond explaining the central bank’s new policymaking tools, Bernanke also captures the drama of moments when so much hung on the Fed’s decisions, as well as the personalities and philosophies of those who led the institution.