• Benjamin Friedman


Has the Financial Crisis Permanently Changed the Practice of Monetary Policy? Has It Changed the Theory of Monetary Policy? Benjamin Friedman, May 2014, Paper. "I argue in this paper that one of the two forms of hitherto unconventional monetary policy that many central banks have implemented in response to the 2007 financial crisis - large-scale asset purchases, or to put the matter more generically, use of the central bank's balance sheet as a distinct tool of monetary policy - is likely to become part of the standard toolkit of monetary policymaking in normal times as well. As intended, these purchases have lowered long-term..." Link