The great recession lessons for central bankers

The recent financial crisis shook not only the global economy but also conventionalwisdom about economic policy. After the collapse of Lehman Brothers in September 2008, policy makersreversed course and acted on an unprecedented scale. The policy response was remarkable both for itsmagnitude and for the variety of measures undertaken. This book examines both the major role centralbanks played in the crisis and the role they might play in preventing or preparing for futurecrises.
The contributors, central bankers from around the world, focus onmonetary policy, the new area of macroprudential policy, and issues of exchange rates, capitalflows, and banking and financial markets. They look at the experiences of both developed andemerging economies, considering why some, including Israel and Australia, suffered only mild effectswhile others--Ireland for example--plunged into severe financial crisis.