chairman-bernanke-lecture2-20140322教程.pdfVIP

The Federal Reserve and the Financial Crisis The Federal Reserve after World War II, Lecture 2 George Washington University School of Business March 22, 2012, 12:45 p.m. [ Inaudible Discussions ] Dr. Tim Fort: OK, lets go ahead and get started. I would like to welcome the students back for our second lecture today as well as our faculty. I know we have some new guests and friends that are here today. You are in for a treat. And if its anything like it was Tuesday, this will be another great session. Without further ado, Chairman Bernanke. [Applause] Chairman Bernanke: Thank you very much, you came back. [Laughter] Thats good news. As you know, today is the second of four lectures on the Financial Crisis and the Federal Reserve. As I said, I think its much--its very helpful to try to put the recent crisis and the ongoing recovery into a historical context. And so, last time, we talked about the origins of central banking going back to Bank of England, and the debates of the 19th century, the origins of the Federal Reserve, and the Federal Reserves first great challenge which was the Great Depression of the 1930s. And we drew some lessons from the 1930s that will come back and be relevant as we discuss more recent events. Today, Im going to pick up the history after World War II, talking about some important episodes after the war, but I will be getting in today to the beginnings of the crisis, and so, the latter part of todays lecture and all of next week will be about the crisis. Now, as we go along, I just want to make sure you keep your eye on the ball. Thematically speaking, the two basic ideas, the two basic missions of a central bank are first, macroeconomic stability, maintaining stable growth, and keeping inflation low and stable, and of course, as you know, the principal policy tool for maintaining macroeconomic stability is monetary policy. In normal times, the Fed or other central banks will use open market operations, purchases an