The Effects of the Great Recession on Central Bank Doctrine and Practice. Chairman Ben S. Bernanke At the Federal Reserve Bank of Boston 56th Economic Conference, Boston, Massachusetts, October 18, 2011
“The financial crisis of 2008 and 2009, together with the associated deep recession, was a historic event–historic in the sense that its severity and economic consequences were enormous, but also in the sense that, as the papers at this conference document, the crisis seems certain to have profound and long-lasting effects on our economy, our society, and our politics. More subtle, but of possibly great importance in the long run, will be the effects of the crisis on intellectual frameworks, including the ways in which economists analyze macroeconomic and financial phenomena. In particular, the crisis has already influenced the theory and practice of modern central banking and no doubt will continue to do so.”
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