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- W293117319 abstract "The activities and research of the NBER's Program in Monetary Economics over the last several years have been dominated by the financial and macroeconomic crisis that began in 2007 and erupted in full force in the fall of 2008. The recession that lasted from December 2007 until June 2009 was the longest since World War II, and the collapse of GDP and employment at the end of 2008 and the start of 2009 dwarfed any declines since the demobilization at the end of that war. Moreover, the character of the downturn was very different from that of other postwar recessions. Tight monetary policy intended to slow economic activity in order to reduce inflation played no role. Instead, the recession was intimately bound up with asset price fluctuations, financial market disruptions, and the effects of private debt accumulation. And more than six years after the recession began, unemployment remains elevated in the United States, as well as in most other advanced economies. The Monetary Economics Program is one of three programs at the NBER that focus on macroeconomics, and whose work in recent years has therefore been largely devoted to issues related to the crisis; the other two are International Finance and Macroeconomics, and Economic Fluctuations and Growth. The International Finance and Macroeconomics Program, as its name implies, focuses on international macroeconomics. The boundaries between the Economic Fluctuations and Growth and the Monetary Economics programs are less clear-cut. Research on issues concerning long-run growth is the purview of Economic Fluctuations and Growth, and most work that is specifically devoted to monetary policy is done in Monetary Economics. But the Monetary Economics Program also studies a wide range of issues that are central to macroeconomic fluctuations. Important topics include interactions between financial markets and the macroeconomy, the behavior of inflation and unemployment, fluctuations in consumption and investment, and the sources of macroeconomic fluctuations. The NBER Monetary Economics Program follows the informal definition of monetary economics as anything that monetary policymakers should be interested in. Researchers in the NBER's Program in Monetary Economics contribute to our understanding of issues in monetary policy and macroeconomics by conducting empirical and theoretical studies of a wide range of subjects. These studies are issued as NBER Working Papers, and are presented and discussed at regular meetings of the program and at special NBER conferences devoted to particular subjects related to monetary policy. The studies are subsequently published in academic journals and in NBER volumes. Although the greatest long-run influence of the members of the Monetary Economics Program is surely through their research, they also have a tangible, immediate influence through an entirely different channel: former members of the program often hold policymaking positions throughout the world. Former NBER Research Associate (and former Director of the Program in Monetary Economics) Ben Bernanke served as Chair of the Federal Reserve from February 2006 until January 2014, when he was succeeded by former NBER Research Associate Janet Yellen. Former program member Stanley Fischer served as Governor of the Bank of Israel from 2005 to 2013, and has recently been nominated as Vice-Chair of the Federal Reserve. Program member Mervyn King was Governor of the Bank of England from 2003 to 2013. Former program member James Stock is currently serving as a member of the Council of Economic Advisers (CEA). Program member Lawrence Summers served as Chair of the National Economic Council in 2009 and 2010. N. Gregory Mankiw resigned from his position as Director of the Monetary Economics Program in 2003 to serve as Chair of the CEA, as did Christina Romer in 2009. When she returned to the University of California, Berkeley after her public service, Romer was reappointed as an NBER Research Associate and as Co-Director of the program. …" @default.
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- W293117319 date "2014-03-22" @default.
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- W293117319 title "The NBER Monetary Economics Program" @default.
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