The Federal Reserve after World War II
In the second lecture, the Chairman reviews developments in central banking since World War II and leading up to the recent financial crisis.
Lecture Materials
The Federal Reserve after World War II presentation (PDF) | Accessible Version
March 22, 2012Transcript (PDF)
- Introduction
- Lecture
- Video Clip 12: Monetary policy during and after WWII
- Video Clip 13: The Fed-Treasury Accord and central bank independence
- Video Clip 14: Monetary policy in the ’50s and early ’60s
- Video Clip 15: Mid-’60s and ’70s monetary policy
- Video Clip 16: Central bankers have imperfect knowledge
- Video Clip 17: Volcker disinflation
- Video Clip 18: The Great Moderation
- Video Clip 19: Causes of the Great Moderation
- Video Clip 20: The housing bubble
- Video Clip 21: Deterioration in lending standards
- Video Clip 22: Bursting of the bubble: Declining demand, falling prices
- Video Clip 23: Financial crisis triggers vs. vulnerabilities
- Video Clip 24: Private-sector vulnerabilities
- Video Clip 25: Public-sector vulnerabilities
- Video Clip 26: Role of monetary policy in contributing to the crisis
- Video Clip 27: Economic consequences of the crisis
- Student Q&A