Inside the black box bernanke biography

Access statistics for papers by Ben S. Bernanke.

Last updated 2025-01-06. Update your information in the RePEc Author Service.

Short-id: pbe55

Working Papers

2024

1. An Analysis of Pandemic-Era Inflation in 11 Economies
   NBER Working Papers, National Bureau of Economic Research, Inc View citations (2)
   Also inWorking Paper Series, Peterson Institute for International Economics (2024) View citations (2)

2023

1. Biographical
   Nobel Prize in Economics documents, Nobel Prize Committee
2. It was almost an accident that I ended up in economics
   Nobel Prize in Economics documents, Nobel Prize Committee
3. What Caused the US Pandemic-Era Inflation?
   NBER Working Papers, National Bureau of Economic Research, Inc View citations (33)
   Also inWorking Paper Series, Peterson Institute for International Economics (2023) View citations (44)

2022

1. Banking, Credit, and Economic Fluctuations
   Nobel Prize in Economi

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   Inside the Black Box: The Credit kanal of Monetary Policy Transmission

   Abstract

   The 'credit channel' theory of monetary policy transmission holds that informational frictions in kredit markets worsen during tight-money periods. The resulting increase in the external finance premium--the difference in cost between internal and external funds--enhances the effects of monetary policy on the real economy. The authors document the responses of GDP and its components to monetary policy shocks and describe how the credit kanal helps explain the facts. They discuss two main components of this mechanism, the balance sheet and bank lending channels. The authors argue that forecasting exercises using credit aggregates are not valid tests of this theory.

   Citation

   Bernanke, Ben S., and Mark Gertler. 1995."Inside the Black Box: The Credit kanal of Monetary Policy Transmission."Journal of Economic Perspectives 9 (4): 27–48.DOI: 10.1257/jep.9.4.27

   JEL Clas

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   Three new books, three new looks inside the financial black box

   For those still trying to understand the financial crisis that provoked the Great Recession of 2007-09, October will be a good month. Three forthcoming books offer useful perspectives on where we’ve been, where we are, and where we might be headed.

   (Full disclosure: I count all three authors as friends, and I advised Ben Bernanke on his book.)

   Oct. 5: The former Federal Reserve chairman’s book, “The Courage to Act: A Memoir of a Crisis and Its Aftermath,” traces his upbringing and career, recounts the tense moments of the financial crisis from an insider’s perspective, and illuminates debates inside the Fed up to the very end of Mr. Bernanke’s term in January 2014.

   One tidbit: Mr. Bernanke gives the back story of the “taper tantrum,” the abrupt market reaction to his May 2013 congressional testimony that hinted at an end to the Fed’s open-ended bond buying, known as QE3 (for the third round of “quantitative easi