MONEY AND BANKING

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The book examines the evolution of modern monetary systems and the need for updated analytical frameworks following the 2018-2020 financial crisis. It highlights the challenges faced by advanced economies, particularly in the U.S., where traditional monetary policy tools may fall short in future recessions. With a focus on the limitations of low policy rates and the implications for investment banking, the authors, including Michael Feroli, Anil Kashyap, and Catherine Mann, analyze innovative monetary policy tools like quantitative easing and forward guidance to address these issues.