From the onset of the 2007-2009 crisis, the Federal Reserve and the European Central Bank have aggressively lowered … interest rates. Both sets of changes are at odds with an anti-inflationary stance of monetary policy; indeed, as the crisis … Taylor rules for our economy that are consistent with a strong pro-inflationary reaction during financial crisis while …

of a change in the effect of policy during the global financial crisis. For the non-OECD countries, there is some … evidence of a stronger effect of policy on stock markets during the crisis, although further research is needed to investigate …