Based on the 2024 Monetary Policy Conference held at the Hoover Institution at Stanford University, Getting Global Monetary Policy on Track reviews recent global inflation, asking how central banks could have better responded and how they can improve their forecasting and policy strategies to avoid inflationary bursts in the future. Discussions delve into the interactions of fiscal and monetary policies, digital currency, and how the European Central Bank has become more dovish, preferring to keep interest rates low.
The publication shares the presentations from economic experts around the globe, who contribute analysis of monetary policy and strategy from Asia, Europe, Latin America, and the United States, in large economies and in emerging markets. It also reproduces the lively and informative discussions at the conference.
Essays on financial regulation examine asset value and equity levels in the US banking system, Treasury market turmoil, Federal Reserve independence, the 2023 UK pension fund meltdown, and regulatory expansion.
Additional topics include labor market responses to the surge in remote work; how Israel handled financial shocks following the 2023 Hamas attack; and continued fallout from the COVID-19 pandemic: the supply, fiscal, and relative demand shocks of the pandemic and how central banks handled postpandemic inflation.
About the Author :
Michael D. Bordo is a distinguished visiting fellow at the Hoover Institution and a Board of Governors Professor of Economics at Rutgers University, where he directs the Center for Monetary and Financial History.
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 at Stanford University, where he directs the Introductory Economics Center.
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.
Review :
"This outstanding volume is packed with extremely useful insights from many of the foremost experts serving on the front lines of public policy about the recent performance of central banks and the challenges ahead. It is especially timely."
--Mark G. Duggan, Wayne and Jodi Cooperman Professor of Economics, Stanford University, and former Trione Director, Stanford Institute for Economic Policy Research "This excellent volume is essential for understanding the recent history of monetary policy and our path forward. Current and former Fed officials and leading academics all offer valuable insight into the consequential policy questions raised by the events of the last three years. Highly recommended."
--Randal Quarles, chairman and founder, Cynosure Group, and former vice chairman of the Federal Reserve System
"The Hoover monetary policy series is a 'must read' for all academics, central bankers, and market professionals who are looking for in-depth analysis together with a broad perspective on global monetary policy before, during, and after the surge of inflation."
--Volker Wieland, Endowed Chair of Monetary Economics and managing director, Institute for Monetary and Financial Stability, Goethe University, Frankfurt
