Lecture by Mr Ben S Bernanke, Member of the Board of Governors of the US Federal Reserve System, and Mr Vincent R Reinhart, Director, Division of Monetary Affairs of the Board of Governors of the US Federal Reserve System1, at the International Center for Monetary and Banking Studies, Geneva, 14 January 2004. Paper also presented at the meetings of the American Economic Association, San Diego, 3 January 2004.
Lecture by Mr Ben S Bernanke, Member of the Board of Governors of the US Federal Reserve System, and Mr Vincent R Reinhart, Director, Division of Monetary Affairs of the Board of Governors of the US Federal Reserve System1, at the International Center for Monetary and Banking Studies, Geneva, 14 January 2004. Paper also presented at the meetings of the American Economic Association, San Diego, 3 January 2004.