Bernanke-ism Equals Monetary Lawlessness

Abstract

Bernanke-ism transcends the person of top Federal Reserve official Ben Bernanke. The set of monetary principles which Ben Bernanke has laid down, whether as a Princeton professor or central banker, is a partial clue to the meaning of Bernanke-ism but not an open window into its essence. That includes, in addition to a particular intellectual viewpoint or theoretical construct, the whole practice of monetary policymaking and how that fits into the wider political system. Many elements of Bernanke-ism were alive and well before Professor Bernanke entered the Federal Reserve Board in 2002, and many are found in monetary policymaking and monetary frameworks outside the USA. The whole is often more than the sum of the parts and that is the case with Bernanke-ism.