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Monetary Policy Research and the Financial Crisis: Strengths and Shortcomings

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Vice Chairman Donald L. Kohn At the Federal Reserve Conference on Key Developments in Monetary Policy, Washington, D.C. October 9, 2009

  • “The first two volumes of the Handbook of Monetary Economics were published in 1990. It is fitting that the Federal Reserve Board should hold a conference showcasing the chapters of the third volume of the Handbook. Since 1990, there has been a sharp increase in the degree of interaction between academic economists and central bank economists in the field of monetary analysis. The beginnings of this trend were evident in the author list of volume one of the Handbook, which featured two chapters coauthored by economists Athanasios Orphanides and Daniel Sichel, who went on to have long careers at the Federal Reserve Board. It is reflected today in the planned contents for volume three, which feature additional collaborations between central bank and academic economists.”
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