Like all of us, though few so visibly, Alan Greenspan was forced by the financial crisis of 2008 to question some fundamental assumptions about risk management and economic forecasting. How had our models so utterly failed us?...

Central banks throughout the world have come to recognize the importance of price stability to the long-run health and prosperity of their economies. While countries and their central banks are embracing price stability as a primary long-term goal for monetary policy, they are adopting a variety of strategies to achieve it....

After two decades of successfully restoring price stability in much of the world economy, central banks begin the next millennium facing a new set of challenges. One key task is how to conduct monetary policy in an era of price stability. Clearly, policy-makers would like inflation to remain subdued....

World financial markets have grown tremendously in recent years. New financial instruments have emerged, and capital flows within markets and across countries have risen dramatically....

Changes in the structure of financial markets and institutions can have profound implications for the operation and effectiveness of monetary policy. One of the most significant developments in financial markets in recent years is the growing prominenceof capital markets....

The increasingly integrated global economy presents both opportunities and challenges to national and international policymakers. Global economic integration is widely thought to improve the allocation of resources, promote technological transfer, and enhance living standards....

The most remarkable thing that happened to the world economy after 9/11 was ... nothing. What would have once meant a crippling shock to the system was absorbed astonishingly quickly, partly due to the efforts of the then Chairman of the Federal Reserve Board, Alan Greenspan....