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DRAFT: Did Macroeconomic Policy Play a Different Role in the (Post-2009) Recovery?

J. Bradford DeLong U.C. Berkeley October 15, 2016 Federal Reserve Bank of Boston 60th Economic Conference The Elusive “Great” Recovery: Causes and Implications for Future Business Cycle Dynamics Abstract: How has macroeconomic policy been different in this recovery? In banking and regulatory policy, it has been distinguished from earlier patterns—or...
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DRAFT: Did Macroeconomic Policy Play a Different Role in the (Post-2009) Recovery?: References

Business & Finance / Economics : Grasping Reality with Both Hands

J. Bradford DeLong U.C. Berkeley October 15, 2016 George Akerlof, William Dickens, and George Perry (1996): The Macroeconomics of Low Inflation Walter Bagehot (1873): Lombard Street: A Description of the Money Market Laurence Ball (...

DRAFT: Did Macroeconomic Policy Play a Different Role in the (Post-2009) Recovery?: Monetary Policy: Options at the Zero Lower Bound

Business & Finance / Economics : Grasping Reality with Both Hands

J. Bradford DeLong U.C. Berkeley October 15, 2016 But there is more to monetary policy than just interest rate policy constrained by the zero lower bound. There had been substantial thought back before 2008 about what to do at the z...

DRAFT: Did Macroeconomic Policy Play a Different Role in the (Post-2009) Recovery?: Banking/Regulatory Policy

Business & Finance / Economics : Grasping Reality with Both Hands

J. Bradford DeLong U.C. Berkeley October 15, 2016 The effects of the housing bubble on the stock of residential capital appear to be a triangle with a base four years wide and a height of 2%-points of GDP. That is 4%-point-years of ...

DRAFT: Did Macroeconomic Policy Play a Different Role in the (Post-2009) Recovery?: Fiscal Policy

Business & Finance / Economics : Grasping Reality with Both Hands

J. Bradford DeLong U.C. Berkeley October 15, 2016 The near-consensus policy rule for fiscal policy’s countercyclical role back in 2008 was simple: it had none. Automatic stabilizers were allowed to function, were even encouraged, an...

DRAFT: Did Macroeconomic Policy Play a Different Role in the (Post-2009) Recovery?: Monetary Policy: Policy Choices since 2008

Business & Finance / Economics : Grasping Reality with Both Hands

J. Bradford DeLong U.C. Berkeley October 15, 2016 What have those monetary policy choices been since the start of 2008? When a recession hits, and the unemployment rate starts to rise, the Federal Reserve sets about cutting the shor...

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