Board of Governors of the Federal Reserve System (U.S.), 1935- and Kohn, Donald L. (Donald Lewis), 1942- "Monetary Policy Research and the Financial Crisis: Strengths and Shortcomings." Remarks at the Federal Reserve Board Conference on Key Developments in Monetary Economics, Washington, D.C., October 9, 2009, https://fraser.stlouisfed.org/title/464/item/10512, accessed on March 30, 2025.

Title: Monetary Policy Research and the Financial Crisis: Strengths and Shortcomings : Remarks at the Federal Reserve Board Conference on Key Developments in Monetary Economics, Washington, D.C.

Date: October 9, 2009
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image-container-0 For release on delivery 12:15 p.m.EDT October 9, 2009 Monetary Policy Research and the Financial Crisis: Strengths and Shortcomings Remarks by Donald L. Kohn Vice Chairman Board o f Governors o f the Federal Reserve System at the Federal Reserve Board Conference on Key Developments in Monetary Economics Washington, D.C. October 9,2009
image-container-1 The first two volumes of the Handbook o f Monetary Economics were published in 1990.1 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.2 It is reflected today in the planned contents for volume three, which feature additional collaborations between central bank and academic economists. The interaction between researchers at academic and policy institutions is also reflected in the enormous amount of scholarly research on monetary policy that is relevant for policymakers. That subject is the focus of my talk today. I will organize my remarks around the following tw'o questions: First, what aspects of the existing literature in monetary economics have been particularly helpful in formulating the course of monetary policy since the onset of the financial crisis? Second, what are the gaps in this literature that have become particularly evident since the onset of the financial crisis and, therefore, would be fruitful directions for further research that could contribute to the I See Benjamin M. Friedman and Frank H. Hahn, eds. (1990), Handbook o f Monetary Economics, vois. 1 and 2 (Amsterdam: North-Holland/Elsevier). See Athanasios Orphanides and Robert M. Solow (1990), “Money, Inflation and Growth.’' in Benjamin M. Friedman and Frank H. Hahn, eds., Handbook o f Monetary Economics, vol. 1 (Amsterdam: North- II ol land,'Elsevier). pp. 223-61; and Stephen M. Goldfeld and Daniel E. Sichel (1990). “The Demand for Money,” in Handbook o f Monetary Economics, vol. 1. pp. 299-356.
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