Monetary Policy

  1. Historical Perspectives and Evolution
    1. The Gold Standard Era
      1. Classical Gold Standard
        1. Automatic Adjustment Mechanism
          1. Price-Specie Flow Mechanism
          2. Interwar Period
            1. Gold Exchange Standard
              1. Competitive Devaluations
              2. Bretton Woods System
                1. Fixed but Adjustable Rates
                  1. Dollar-Gold Convertibility
                    1. System Breakdown
                  2. The Rise of Modern Central Banking
                    1. Early Central Banks
                      1. Bank of England
                        1. Federal Reserve Creation
                        2. Lender of Last Resort Doctrine
                          1. Bagehot's Principles
                            1. Crisis Management
                            2. Evolution of Mandates
                              1. Single vs. Multiple Objectives
                                1. Independence Development
                              2. Monetary Policy Regimes
                                1. The Great Depression
                                  1. Policy Failures
                                    1. Liquidity Trap Experience
                                      1. Lessons Learned
                                      2. Post-War Keynesian Era
                                        1. Active Stabilization Policy
                                          1. Phillips Curve Trade-offs
                                          2. The Great Inflation
                                            1. 1970s Stagflation
                                              1. Policy Mistakes
                                                1. Credibility Crisis
                                                2. The Volcker Disinflation
                                                  1. Monetary Targeting
                                                    1. Recession Costs
                                                      1. Credibility Restoration
                                                    2. Theoretical Developments
                                                      1. Monetarist Revolution
                                                        1. Friedman's Contributions
                                                          1. Money Growth Rules
                                                            1. Natural Rate Hypothesis
                                                            2. New Classical Economics
                                                              1. Rational Expectations
                                                                1. Policy Ineffectiveness
                                                                  1. Real Business Cycles
                                                                  2. New Keynesian Economics
                                                                    1. Nominal Rigidities
                                                                      1. Monetary Non-Neutrality
                                                                        1. DSGE Models
                                                                      2. Recent Developments
                                                                        1. The Great Moderation
                                                                          1. Reduced Volatility
                                                                            1. Improved Policy
                                                                              1. Good Luck vs. Good Policy
                                                                              2. Financial Crisis of 2008
                                                                                1. Policy Response
                                                                                  1. Unconventional Measures
                                                                                    1. Lessons Learned
                                                                                    2. Post-Crisis Challenges
                                                                                      1. Low Interest Rate Environment
                                                                                        1. Financial Stability Integration
                                                                                          1. Secular Stagnation Concerns
                                                                                          2. COVID-19 Pandemic Response
                                                                                            1. Emergency Measures
                                                                                              1. Fiscal-Monetary Coordination
                                                                                                1. Digital Currency Acceleration

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                                                                                            9. Monetary Policy in an International Context

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                                                                                            11. Contemporary Issues and Future Directions